Tax Reform Brings Changes to Qualified Moving Expenses

The following article was published by the IRS. For businesses that have employees, there are changes to fringe benefits that can affect a business’s bottom line and their employee’s tax liabilities. One of these changes is to qualified moving expenses. Under previous law, payment or reimbursement of an employee’s qualified moving expenses were not subject …

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Meals and Entertainment

Businesses may no longer deduct expenses for entertainment, amusement, or recreation. They can still deduct 50% of the cost of business meals if the business owner or employee is present and the food or beverages aren't extravagant.

Qualified Business Income Deduction

There's a new tax deduction for pass-through businesses called the Qualified Business Income Deduction (a.k.a. the Section 199A Deduction). You can deduct up to 20% of any qualified business income, real estate investment trust dividends, or publicly traded partnership income. If you're self-employed or an independent contractor and report your income on a Schedule C, …

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A Few Key Tax Reform Provisions Every Business Owner Should Know About

This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community: New deduction for qualified …

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Mortgage Interest Deduction

Tax reform changes affect the mortgage interest deduction. For example, now you can only deduct interest for loans used to buy, build, or substantially improve your home. The mortgage interest deduction only applies if you itemize your taxes, but many taxpayers will benefit more from the increased standard deduction under tax reform.

Business Owners can Claim a Qualified Business Income Deduction

The following article was published by the IRS. Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates. The deduction may also be claimed on certain dividends. Eligible taxpayers can claim the deduction for the first time …

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