By month: August 2019

Creating More Business Meal Tax Deductions After the TCJA

If you have been looking for some good news on tax-deductible business meals, you will find it in this article. And along with the good news, you will find clarity as to what post-Tax Cuts and Jobs Act rules currently apply to your tax-deductible business meals.

Wow! Pay Zero Capital Gains Taxes on Sale of Small C Corporation

Section 1202 allows you to sell a qualified small business corporation on a tax-free basis. Now, add to this no-tax-on-sale benefit from the 21 percent corporate tax rate from the Tax Cuts and Jobs Act, and you have a significant tax planning opportunity.

Personal Use of Your Rental Triggers Ugly Vacation Home Rules

When you have both personal and rental use of a dwelling, you trigger some tricky tax code rules you need to know. With both personal and rental use, you create the possibility of tax-free rent, rental property deductions, and additional personal residence deductions.

Check Your Beneficiary Designations Now, Before Disaster Strikes

Surprise! You have an agreement in place that says your retirement account goes to person 1. But you have a beneficiary designation that says the account goes to person 2. Read this article to see which wins and why the winner is likely a big surprise.

Beware: IRS Error in Rental Property Deduction Publication

The IRS publication on rental properties contains an error. It states that you may not deduct mortgage insurance on your rental property. That’s wrong, as we explain in this article.

Your Guide to Select Overlooked Medical Deductions

Inside this 22-page medical deduction guide, you will find business and personal tax deductions that you would likely overlook. For example, is your dog or cat a tax-deductible emotional support animal? How would you deduct special needs education as a business expense? Can a health savings account turbocharge your retirement plan?

Roth IRA versus Traditional IRA: Which Is Better for You?

Traditional IRAs and Roth IRAs both offer tax advantages when saving for retirement. But is one universally better than the other? If not, how can you decide which is right for you?

When Renting to a C Corporation Creates QBI

What rules apply for purposes of the new 20 percent deduction under Section 199A when you rent an office or other building to your personally owned C corporation?

 

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