Here are five year-end tax-deduction strategies that apply if you are getting married or divorced, have children who did or could work in your business, and/or have situations where you give money to relatives and friends. 1. Put Your Children on Your Payroll Did your children under age 18 help you in your business this …
Starting now, this year (2018), you have to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with a big fat $0 for your deduction amount. If your taxable income is above $157,500 (or $315,000 on a joint return), then your type of business, wages paid, and …
Section 199A Deduction in Your Year-End Tax Planning Read More »
For most small businesses and the self-employed, the 20 percent tax deduction from new tax code Section 199A is the most valuable tax deduction to come out of the Tax Cuts and Jobs Act tax reform. The Section 199A tax deduction is complicated, and many questions remain unanswered even after the IRS issued its …
7 Things You Need to Know About Your Section 199A Deduction Read More »
Before tax reform, the de minimis safe harbor election was the best way to immediately expense the entire cost of your small-business assets for federal income tax purposes. Now that the Tax Cuts and Jobs Act tax reform gives you 100 percent bonus depreciation through 2022, you have three possible reasons to use 100 percent …
De Minimis or 179 Expensing or Bonus Depreciation Read More »
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