How the 20% Deduction Works for a Specified Service Provider As previously discussed, the 20 percent tax deduction under new 2018 tax code Section 199A is a very nice tax break for business owners, except for owners with high income who also fall into the out-of-favor...
Tax Reform Provides New 20% Deduction The new 2018 Section 199A tax deduction that you can claim on your IRS Form 1040 is a big deal. There are many rules (all new, of course), but your odds as a business owner of benefiting from this new deduction are excellent....
Tax Reform Creates Taxes on Employee Fringe Benefit for Bicycles Tax reform created taxes on the employee fringe benefit for bicycles. You could (and can) deduct your costs for reimbursing employees for their qualified bicycle transportation costs. But tax reform now...
Home Office with More Than One Business The office-in-the-home deduction produces good to excellent tax savings by turning personal house expenses into business deductions. Additionally, it enables you to deduct big vehicle expenses by eliminating nondeductible...
DECEMBER, 2017 Rental Property as a Business Yields Big Benefits If your rental property activity meets the definition of a trade or business activity, then your rentals produce the best possible tax benefits. In general, you report your rental properties on Schedule...
DECEMBER, 2017 Tax Reform and Rental Real Estate Deductions Two scary words in tax reform are “fairness” and “simplification.” In most cases, this combination raises your taxes and makes the law more complex. As you likely know, tax reform is in the air again, and it...
