Angela H. Wong, CPA

Do your triple-net leases qualify for a 199A deduction?

If you use triple-net leases for your rental properties, you may wonder whether you’ll get your Section 199A deduction. We don’t have a clear answer for you, so we are going to go with “maybe.” As you’ll see, we need more information. A triple-net lease requires the lessee to pay the landlord rent as well […]

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How does the Tax Cuts and Jobs Act impact meals and entertainment deduction for 2018?

Tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals. The chart below shows you how the Tax Cuts and Jobs Act treats meals and/or entertainment events. * Technically, the TCJA made meals with clients and prospects not deductible. We understand that the tax writers […]

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Are you out-of-favor for the 20 percent deduction?

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 group. In general, the out-of-favor group includes lawyers, doctors, accountants, tax professionals, consultants, athletes, authors, security traders, actors, singers, musicians, entertainers, and […]

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