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If you are an employee, you get a paycheck every pay period and most likely pay little attention to your taxes until the end of the year. Your employer does a lot of the work for you and you get …
New IRS 199A Regulations Benefit Out-of-Favor Service Businesses
If you operate an out-of-favor business (known in the law as a “specified service trade or business”) and your taxable income is more than $207,500 (single) or $415,000 (married, filing jointly), your …
Finally, lawmakers did the right thing by increasing the luxury auto depreciation limits on business cars.
The old luxury limits were unrealistic, punitive, unfair, and discriminatory against any car that cost more than $15,800. The new limits don’t create parity …
Filing a tax return is a responsibility that all people need to follow to stay compliant with the IRS. While most people will be able to file their taxes and receive a tax return, those with more complex tax situations, …
As a small-business owner, you have good odds of someday facing a penalty for late filing and/or late payment of your or your corporation’s federal income or payroll taxes.
When you receive the penalty notice from the IRS, it’s likely …
The new and improved Section 179 deduction gives you more ways to take advantage of immediate tax deductions. It’s somewhat like having a flexible tax shelter in your back pocket for when you need it (and also need the property, …
Tax reform changes the alimony game.
This may or may not have any relevance to you, but if it does, you will want to move quickly.
The Tax Cuts and Jobs Act (TCJA) eliminates tax deductions for alimony payments that …
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