Hello Everyone, There is some confusion out there about how the new Section 199A tax deduction is calculated, particularly around the “Taxable Income” definition, which is the starting point for the entire calculation. To clarify: Taxable Income is the starting point for your Section 199A deduction, and you can obtain that number from […]
How Capital Gains Can Hurt Your New 199A 20 Percent Tax Deduction Read More »
IRS Issues Section 199A Guidance On The New 20% Pass-Through Business Income Deduction: Who Are The Winners and Losers? Hello Everyone, As you may recall from our previous Tax Alerts from Feb 3 and May 21, one of the key items passed in the recent tax reform, the Tax Cuts and Jobs Act (TCJA), was
IRS Issues Section 199A Guidance On The New 20% Pass-Through Business Income Deduction: Read More »
New Pass Through Entity Tax (PET) on CT S Corporation and Partnership Owners Hello Everyone, As a direct response to recent Federal tax reform, which limits State and Local Tax (SALT) tax deductions as an itemized deduction on your Federal tax return to just $10,000, CT Governor Dan Malloy signed a new “Pass-Through Entity Tax”
CT Pass-Through Entity Tax Passed on May 31, 2018 Read More »
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 »
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 »
Happy Tax Reform Day! The GOP Tax Bill, also known as HR.1 or the Tax Cuts and Jobs Act (and a few other names I won’t mention here), was passed by the Senate last night, and it is a forgone conclusion that it will go into law today. Regardless of where you stand politically, these new
Tax Cuts and Job Act is Passed – Let’s Start Planning! Read More »
Hello Everyone, As the debate on proposed tax reform continues to stir, most business owners are hoping many of the proposed ideas “stick” and become actual law. That could take a while, given the track record of our Congress. And I’m sure you’ve heard the adage before that “hope is not a strategy!”. While any
Why Wait For Tax Reform When You Can Have Tax Savings Right Now? Read More »
Hi Everyone! Yesterday, a framework for proposed tax reform was released, and has gotten a lot of media attention, so I wanted to summarize that for you all. Summarizing it isn’t all that hard, because it actually is only a summary, with very little details. So they are simply calling it a framework, or an
Framework for Tax Reform Released Read More »
