By month: October 2019
The ACA destroyed a lot of the advantages of the Section 105 medical reimbursement plan. While the QSEHRA was, and remains, a good option for small employers, something even better has arrived—for employers of all sizes—starting in 2020.
The simple maneuver of converting your personal residence to a rental property brings with it myriad tax rules, mostly good when you know how they work. For example, your rental net income can create the Section 199A deduction if the rental rises to the level of a trade or business (most do).
The Tax Cuts and Jobs Act brought sweeping changes to the tax laws―some good and some bad. But the one change that can potentially provide you the biggest tax benefit is the Section 199A deduction.
Both you and your spouse have your own businesses. Your spouse’s business provides paid services to your business. Could this arrangement cause you problems when claiming a Section 199A deduction?
This taxpayer’s checking account shows a negative cash balance. He writes checks on December 31 when he has a negative balance. Can he deduct the expenses on his tax return?
Congress changed the IRS procedures for auditing partnerships, and they apply beginning with your 2018 partnership tax return. Under the new rules, an audit can lead to a partnership-level tax at a 37 percent rate. We’ll explain the new rules and how your partnership can potentially avoid paying this new audit tax.
Assisted living and nursing home expenses can quickly deplete your income and savings. One way to minimize their financial hit is being able to deduct them as medical expenses on your tax return. We’ll explain when you can do this.
You booked a short personal trip. Now you find that an important vendor is going to the same location where you are taking your personal trip. Does dinner with the vendor convert this trip from personal to a tax-deductible business trip?