A technical glitch in the TCJA prevented taxpayers from taking bonus depreciation on Qualified Improvement Property. Now Congress is out to get this fixed.
The TCJA impacted depreciation in many ways, including 100% bonus, increased Section 179 Expense limits and broader usage, and redefined QIP.
The IRS knows that there has been confusion as to whether or not rental real estate qualifies for the new 20% pass-through deduction on Qualified Business Income. The IRS issued guidance in the form of a safe harbor, which, if met, will ensure that your rental property qualifies for this valuable tax deduction. We break down the safe harbor to help you determine if your property qualifies…
Quickbooks Online does many things well, but the inability to indicate if a journal entry should affect both accrual and cash basis reports or if it should only affect accrual basis reports is a glaring hole that can make things difficult for small business owners (especially for businesses with deferred revenue), so we came up with a workaround…
Our January bulletin looks at IRAs – Double (and triple) IRA season is here, reviewing your insurance coverage, and the IRS’s take on business meal deductions.
Could the IRS view your side hustle as a hobby instead of a business? If they do, you could be in for a rough surprise come tax time. Know what it takes to ensure your business doesn’t fall prey to the brutal Hobby Loss rules.
Our Dec 2018 bulletin looks at the affect of the new SALT deduction limits on home sales, the importance of powers of attorney, and how small businesses should handle year-end bonuses.
Update: The IRS recently released guidance related to the 20% QBI deduction. In this article we dig into the concept of aggregation and what it means for owners of multiple related businesses.
Our November client bulletin takes a look at tax planning for individuals and businesses under the new tax law, with a close look at changes to individual deductions.
The new tax law made changes that can reduce or even remove the tax benefits of making charitable contributions. We put together a few strategies that you can use to save on taxes while maintaining your charitable giving.