Economic Injury Disaster Loans and Paycheck Protection Program
The COVID-19 pandemic has upended all aspects of life around the world, including the world of business here in the U.S. If your business is struggling, you may be able to get some help from the federal Small Business Administration (SBA), which is authorized to provide loans to small businesses on an as-needed basis. There are […]
Divorce Tax Consequences Under New Federal Tax Laws
As with all financial transactions, divorce comes with tax consequences. And those consequences have changed for tax years 2018 and later thanks to the Tax Cuts and Jobs Act (TCJA). General Rule The general tax rule in a divorce is that you can divide up most assets, including cash, between you and your soon-to-be ex-spouse […]
Defer or Eliminate Taxable Gains With Qualified Opportunity Zone Funds
Qualified opportunity funds are a new tax-planning strategy created by the Tax Cuts and Jobs Act tax reform. The new funds have the ability to defer current-year capital gains, eliminate some of them later, and then on the new investment make capital gains tax-free. To put the benefits in place, you need to navigate some […]
What Can You Deduct for Meals and Entertainment?
In Notice 2018-76, the IRS states that client and prospect business meals continue as tax deductions under the Tax Cuts and Jobs Act. This is very good news indeed. Under this new IRS guidance, you may deduct 50 percent of your client and prospect business meals if: the expense is an ordinary and necessary expense […]
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 […]
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 […]
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 […]