Tax Reform Cuts Business Tax Deductions for Charity Golf Outings You likely know that the recent reform did away with business tax deductions for prospect and client golf. But did you know that charity golf is gone too? Buried in tax reform is the elimination of the...
Tax Reform Destroys Entertainment Deductions for Businesses First, lawmakers reduced the directly related and associated entertainment deductions to 80 percent with the 1986 Tax Reform Act. Later, in 1993, they reduced that 80 percent to 50 percent. And now, with...
Tax Reform Cuts Deductions for Employee Meals to 50 Percent Tax reform (Public Law 115-97) includes winners and losers. Employers who for their convenience provided business meals for their employees are losers—50% losers to start and then total losers later. Meal...
Tax Benefit for Business Vehicle Trade-In Eliminated Beginning January 1, 2018, tax reform no longer allows Section 1031 exchanges on personal property such as your business vehicle. The trade-in was the most common 1031 exchange of a business vehicle. Now, because...
Preserve the Deduction with an S Corporation Will your business operation create the 20 percent tax deduction for you? If not, and if that is due to too much income and a lack of (a) wages and/or (b) depreciable property, a switch to the S corporation as your choice...
Phase-out for New 20% Deduction If your pass-through business is an in-favor business and it qualifies for tax reform’s new 20 percent tax deduction on qualified business income, you benefit at all times, including being above, below, or in the expanded wage...
