If you operate your business as a corporation but own the business car personally, you have no vehicle deduction possibility without corporate reimbursement, because the Tax Cuts and Jobs Act does not allow employee business expenses for years 2018 through 2025. Taxpayers Who Did This The Ralph M. Parsons Company reimbursed Milton Lewis $14,007 to …
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First things first. Your Section 199A tax deduction will benefit from your business’s W-2 wages paid to you and your employees if you are married and filing jointly and your taxable income is over $315,000 and less than $415,000; are filing as single or head of household and your taxable income is over $157,500 and …
Save Thousands Of Dollars In Taxes By Doing This One Thing! Read More »
A major tax law (Public Law No. 115-97)—originally known as the Tax Cuts and Jobs Act—was enacted in December of 2017. The new law introduced significant changes to many areas of the U.S. tax system, including the taxation of individuals, businesses in all industries, multinational enterprises, and other areas. While most of the new corporate …
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