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As a small-business owner, you probably incur work-related education expenses from time to time. You may even decide to pursue an advanced degree, such as a Master of Business Administration (MBA). You likely want your employees to be on a path of continuous improvement. There’s much to know about how such business deductions work for Read more about Update on Claiming Business Deductions for Work-Related Education[…]
Starting now, this year (2018), you have to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with a big fat $0 for your deduction amount. If your taxable income is above $157,500 (or $315,000 on a joint return), then your type of business, wages paid, and Read more about 2018 Last-Minute Section 199A Strategies[…]
Your year-end tax planning doesn’t have to be hard. I have outlined below five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash. Prepaying your 2018 expenses right now reduces your taxes this year, without question. While it’s true you kicked the Read more about 2018 Last Minute Year End General Business Deductions[…]
The IRS, in its new proposed Section 199A regulations, defines when a rental property qualifies for the 20 percent tax deduction under new tax code Section 199A. One part of the good news on this clarification is that it does not require that we learn any new regulations or rules. Existing rules govern. The existing Read more about Does Your Rental Qualify for a 199A Deduction?[…]
You can plan your tax-deductible business life to avoid cold winters and hot summers. Spend a moment examining the following four short paragraphs that contain the basic facts from the Andrews case. For six months of the year, from May through October, Edward Andrews lived in Lynnfield, Massachusetts, where he owned and operated Andrews Gunite Read more about Tax Planning to Winter in Florida and Summer in Massachusetts[…]
Tax reform put the screws to your state and local income tax deductions. Many states disliked that and have been putting together workarounds. But now the IRS is creating regulations to put the kibosh on your state’s creative plans. In the absence of federal lawmakers changing their minds, your federal deductions for state income taxes Read more about How to Beat Some of the New TCJA Limits on State Tax Deductions[…]
Tax season is over so now know your rights as a taxpayer! America’s taxpayers have specific rights when they interact with the IRS. These ten rights are known collectively as the Taxpayer Bill of Rights. These rights cover a wide range of topics and issues, and lay out what taxpayers can expect in the event they Read more about The Taxpayer Bill of Rights: Ten Rights for All Taxpayers[…]
According to IRS, while the federal income tax-filing deadline has passed for most people, there are some taxpayers still facing tax-related issues. This includes people who still haven’t filed, people who haven’t paid their taxes or those who are waiting for their tax refund. The IRS offers these tips for handling some typical after-tax-day issues: Read more about Missed the tax-filing deadline? IRS issues tips on what to do[…]
To ensure they meet their tax obligations, taxpayers should file accurate tax returns. If a taxpayer makes an error on their tax return, it will likely take longer to process and could delay a refund. Taxpayers can avoid many common errors by filing electronically, the most accurate way to file a tax return. All taxpayers Read more about Common Errors to Avoid when Filing a Tax Return[…]
The Internal Revenue Service today reminded U.S. citizens and resident aliens, including those with dual citizenship, to check if they have a U.S. tax liability and a filing requirement. At the same time, the agency advised anyone with a foreign bank or financial account to remember the upcoming deadline that applies to reports for these Read more about IRS reminds those with foreign assets about U.S. tax obligations[…]