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, of course). As in years past, the Section 179 deduction is available for both new …
3 New Ways Tax Reform (TCJA) Expands Your Section 179 Deduction Privilege Read More »
1040 Changes Filling out the 1040 next year will be more challenging for many filers, based on our review of drafts of the new form. While touting the new tax legislation, key GOP lawmakers and Trump promised that returns could be filed on postcards. The revised form may be postcard-size, but shorter isn’t always simpler. …
Short Blog: 1040 May Be More Challenging Next Year Read More »
Tax reform changed the rules of the game when choosing your best tax structure. In looking over the possibilities, we note that a properly structured spousal partnership could be your best choice. Here are the tax benefits to you: Your spouse’s income is free from self-employment tax. You and your spouse both still qualify for …
3 Things to Consider If You Make Your Spouse a Business Partner Read More »
As you likely know by now, the Tax Cuts and Jobs Act created a 20 percent tax deduction under new tax code Section 199A. The question for you: Will you reap any benefits from this new deduction? And the second question: If your qualifying for the 20 percent tax deduction looks bleak, what can you …
Don’t Let The Cliff Kill Your New Section 199A Deduction, 5 Strategies to Consider Read More »