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 the kiddie tax rules …
Is Your Child a Potential Kiddie Tax Victim or Kiddie Tax– Exempt? Read More »
The home-office deduction is becoming more and more popular, and I thought you would like some insights. 4 Ways to Qualify for the Home-Office Deduction The tax code gives you only four ways to qualify for the home-office deduction: Cash register. Principal place of business (the office from which you make the cash register ring). …
Is Your Administrative Home Office a Principal Office? Read More »
Here are five year-end tax-deduction strategies that may still apply if you are got married or divorced, have children who did or could work in your business, and/or have situations where you give money to relatives and friends. 1. Put Your Children on Your Payroll Did your children under age 18 help you in your …
Starting in 2018, you have to consider your Section 199A deduction in your total year and year-end tax planning. If you don’t, you could end up with a big fat $0 for your deduction amount. If your taxable income is above $157,500 (or $315,000 on a joint return), then your type of business, wages paid, …
As a small-business owner, you probably incur work-related education expenses from time to time. You may even decide to pursue an advanced degree, such as a Master of Business Administration (MBA). You likely want your employees to be on a path of continuous improvement. There’s much to know about how such business deductions work for …
Business Deductions for Work-Related Education-An Update Read More »
Your S corporation has to pay you reasonable compensation for the services you provide to the corporation. If your corporation pays your health insurance premiums, does that change the salary amount you need to payyourself? First, The Basic Rules As we gone over in other blogs, if you are a 2 percent or greater S …
Health Insurance Premiums & Reasonable Compensation, The S-Corp Answer Read More »
You likely know that the home-office tax deduction providestax savings to business owners. It turns otherwise nondeductible personalexpenses into valuable business deductions. When you operate your business as a proprietorship, you simply deduct home-office expenses on Schedule C. But when you operate your business as an S corporation, you face special rules to achieve the …
Best Way To Do Home Office Deduction for Your S-Corp Read More »
You compete for employee talent in a variety of ways, including perhaps by implementing a medical and family leave policy. The good news on this front is that your federal government may have given you a tax credit (yes, that lovely dollar-for-dollar offset to your taxes) for what you wanted to do anyway. The Tax Cuts …
How To Claim the New Employer Tax Credit for Family and Medical Leave Read More »
The recent tax reform eliminated personal exemptions for taxable years after December 31, 2017, and before January 1, 2026. This makes your child worthless to you on your Form 1040. But there is a way to get even or, perhaps, much more than even. Let’s set the stage first. For taxable years after December 31, …
Under the new tax law, businesses can write off the entire cost of qualifying assets that they buy and place in service after Sept. 27, 2017. This break generally lasts through 2022 and then phases out 20% for each year thereafter before expiring in 2027. The break applies to new and used asset purchases with …
100% Bonus Depreciation is Back, at Least Temporarily Read More »