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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Easy Ways to Pay Your Taxes

  When you have a federal tax bill to pay, you have several payment options. You can pay online, by phone, or with your mobile device using the IRS2Go app. The best option is usually IRS Direct Pay using your bank account.

IRS Confirms Tax Filing Season to Begin January 28

The following article was published by the IRS.  Despite the government shutdown, the Internal Revenue Service has confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of …

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IRS Issues Guidance on Tax Cuts and Jobs Act Changes on Business Expense Deductions for Meals, Entertainment

The following article was published by the IRS. The Internal Revenue Service has issued additional guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. Taxpayers …

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What to Do about a Retirement Plan for Your Business?

The following article was published by the SBA. According to the Census Bureau, only 45 percent of workers at companies with 1 to 49 employees had access to a retirement plan. This percentage jumped to 76 percent at companies with 50 to 99 employees, and to 90 percent for companies with 100 or more employees. …

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