If you operate what you think is a business, but that business loses money, it may not be a business at all under the tax code. Such a money-losing activity can look like a tax shelter to the IRS, and that substantially increases your chances of an IRS audit. The tax code contains a business […]
Do Your Business Losses Make You an IRS Target? If So, Do This Read More »
When Tax Reform was hot off the press a few months back, we sent you a tax alert to let you know the deductions for business meals were changing. It caused a lot of uproar! And confusion too. I discovered that people get really upset when the government starts messing with their tax-deductible food! As
Tax Reform Update on Strategy for Business Meals with Clients and Prospects Read More »
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
Tax Reform Does Much to Help Your Rental Real Estate Read More »
As you likely know by now, the Tax Cuts and Jobs Act created a 20 percent tax deduction under new tax code Section 199A. The question for you: Will you reap any benefits from this new deduction? And the second question: If your qualifying for the 20 percent tax deduction looks bleak, what can you
Don’t Let the Cliff Kill Your New Section 199A Tax Deduction Read More »
