May 29, 2019 | 2019, Income Tax
Tax Reform’s New Qualified Opportunity 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...
May 27, 2019 | 2019, Income Tax
If your family has trouble with the kiddie tax, you face some new wrinkles for tax years 2018 through 2025 thanks to the Tax Cuts and Jobs Act (TCJA) tax reform. This is one of the many areas where tax planning can pay off. For 2018–2025, the TCJA tax reform changes...
May 22, 2019 | Bookkeeping, Business, Small Business Accounting
Two questions: Did you prepay your 2019 rent so that you have a big 2018 tax deduction? How do you identify in your accounting records the monies you put on your IRS Form 1099-MISC for the business rent payments to your landlord? For the 1099-MISC, do you simply look...
May 20, 2019 | 2019, Business, Income Tax
For most small businesses and the self-employed, the 20 percent tax deduction from new tax code Section 199A is the most valuable deduction to come out of the Tax Cuts and Jobs Act. The Section 199A tax deduction is complicated, and many questions remain unanswered...
May 17, 2019 | 2019, Business
The Tax Cuts and Jobs Act (TCJA) tax reform added an amazing limit on larger business losses that can attack you where it hurts—right in your cash flow. And this new law works in some unusual ways that can tax you even when you have no real income for the year. When...
