As you likely know by now, your travel meals continue under tax reform as tax-deductible meals subject to the 50 percent cut. And tax reform did not change the rules that apply to your other travel expense deductions. One beauty of being in business for yourself is the ability to pick your travel destinations and Read more about Proving Travel Expenses after Tax Reform[…]

Fringe benefits are usually a good thing—but there’s a catch when you own more than 2 percent of an S corporation. The good news? Federal tax law allows the cost of these fringes as deductible expenses for your S corporation. The bad news? You, the shareholder-employee who owns more than 2 percent, may suffer additional Read more about S Corporation Fringe Benefits after the Recent Tax Reform[…]

In recent days, we learned that lawmakers did not intend to eliminate business meals with clients and prospects. We’re not exactly sure how lawmakers can undo what they’ve done to the tax code in this area, but experience says that if there’s a will, there’s a way. We think it may take a technical correction Read more about Did Tax Reform Goof When Disallowing Deductions for Client Meals?[…]

The recent tax reform, known as the Tax Cuts and Jobs Act (TCJA), added some good benefits to your real estate rentals, both commercial and residential. Notably, your qualified business income from your real estate rentals creates a possible 20 percent tax deduction with no effort on your part. And if you want less taxable Read more about Tax Reform and how it helps your Real Estate[…]

Tax Reform Puts Screws to Hobbies The tax law (Tax Cuts and Jobs Act) has mistreated hobbies for a long time. But the most recent tax reform brings the grim reaper to the party, and it’s not pleasant. This means you need to focus on making your activity a business and not a hobby. Under Read more about Tax Reform Puts Screws to Hobbies[…]

You may not think of yourself as a manufacturer, but you might nevertheless qualify as one under tax law. There is a deduction for manufacturing that applies to a much broader array of activities than you would think. There’s no catch and no recapture associated with this deduction—it’s just extra cash for your wallet. The Read more about A Tax Break For American Builders – Including You![…]

Do you have two or more cars in your household? If your circumstances are right, we might find a hefty increase in deductions for you with the two-car strategy. If this strategy works for you, you don’t have to drive one mile farther. You don’t have to spend one additional penny. All you need are Read more about New Deductions with Two-Car Tax Strategies[…]

You can pay your child to work in your business and get paid for paying your child. The basic mechanics of this are (a) you deduct the wages and (b) your child pays zero or very little in income taxes. The three points below elaborate on this: The child (a single taxpayer) pays zero taxes Read more about Hire Your Child and Get Paid![…]