Tax Reform: Planning for Your New 20 Percent Deduction 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...
Divorce? Alimony? Tax Reform Says Get Divorced Now—Don’t Wait Tax reform changes the alimony game. This may or may not have any relevance to you, but if it does, you will want to move quickly. The Tax Cuts and Jobs Act (TCJA) eliminates tax deductions for alimony...
Tax Reform Update on Business Meals with Clients and Prospects Here’s the updated strategy: Deduct your client and business meals as if tax reform never took place. Wow. Is this aggressive? Not if the IRS comes out with regulations that follow a model set by the...
Does Tax Reform Dislike Your Reputation or Skill? Here’s a troubling thought. Did lawmakers put you in the out-of-favor tax group that denies you the 20 percent Section 199A deduction because: your business makes too much money, and it does so thanks to the reputation...
Tax Reform Allows Bigger Vehicle Deductions Finally, lawmakers did the right thing by increasing the luxury auto depreciation limits on business cars. The old luxury limits were unrealistic, punitive, unfair, and discriminatory against any car that cost more than...
Tax Reform Allows 100 Percent Deductions for Presentation Expenses Tax reform did much damage to tax deductions for business entertainment and meal expenses. But meals served at business presentations survived the entertainment and prospect and client meal...
