7 Year-End Tax Planning Moves for Small Businesses
…from a Pass-Through Entity The TCJA created a new deduction based on qualified business income (QBI) from pass-through entities. For tax years beginning in 2018 through 2025, the deduction can…
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Claiming a federal tax deduction for moving costs
…moving costs. Pass the tests The first requirement is that the move be work-related. You don’t have to be an employee; the self-employed can also be eligible for the moving…
What is in the Second Stimulus Package?
…been approved for partial forgiveness can resubmit an application to add these new expenses: Covered operational expenditures, i.e., payments for software or cloud computing services that facilitate business operations, product…
Business ID Theft: Is Your Data at Risk?
…“We need help from the tax community to combat cybercriminals and raise security awareness,” IRS Commissioner John Koskinen noted. Ways to Combat Business ID Theft Because business ID theft can…
The TCJA Changes Some Rules for Deducting Pass-Through Business Losses
…losses passed through to individuals from S corporations, partnerships and LLCs treated as partnerships for tax purposes, the new excess business loss limitation rules apply at the ownerlevel. In other…
Effects of the Tax Law Vary Based on Major Life Events
…law. Here’s an overview of some TCJA provisions that may be relevant during different life events. Starting a New Business under the New Tax Law Starting up a new business…
10 Facts About the Pass-Through Deduction for Qualified Business Income
…corporation, the pass-through deduction is calculated at the partner or shareholder level. As you can see, this substantial deduction is complex, especially if your taxable income exceeds the thresholds discussed…
State-by-State Guide to Taxes on Retirees
…retirees. Click the link below and then click on any state in the map for the option to add the state to your compare list. https://www.kiplinger.com/kiplinger-tools/retirement/t055-s001-state-by-state-guide-to-taxes-on-retirees/index.php If you have questions…
Tangible property safe harbors help maximize deductions
…a part (or combination of parts) that is a major component or a significant portion of the physical structure of a unit of property. Under the “adaptation test,” you generally…
Tax Reform: Which Changes Are Temporary vs. Permanent?
…models and designs; secret formulas; and certain processes. New three-year holding period rule before long-term capital gains treatment is allowed for partnership carried interests. New $1 million annual limit on…