With the tax filing season just around the corner, I repeatedly hear the question, “can I deduct my home office?” The answer varies as the IRS has a more restrictive definition of the home office than those heard in ordinary conversation.
On Friday, January 18, 2019, the Treasury Department issued Final Regulations for 199A and IRS Notice 2019-07, which provided a safe harbor for rental real estate enterprises. Rental activities that meet each of the following tests can be considered Section 162 trades or businesses for purposes of Section 199A, and are thus eligible for the 20 percent deduction.
Many charitable donors plan giving ahead of time, knowing what items will be donated to which organizations. However, not all donations are created equal. The [...]
They call us the Sandwich Generation, the middle layer between grown or growing children who depend on us and parents who also depend on us. Being in this position can sap a family’s resources physically, emotionally, and, of course, financially.
Investment interest, the interest on debt used to buy assets held for investment, such as margin debt used to buy securities, can generally be deducted [...]
President-elect Donald Trump’s tax reform plan was released earlier this year. The affects on businesses include: Reducing the top corporate income tax rate from 35% [...]
Tax Deductions for Start-Ups There are many deductions startups CAN deduct, but there are restrictions on HOW they are deducted. As an entrepreneur, you may [...]
Kid in College? Don’t miss out on tax breaks! Parents of college students, and students themselves, may be eligible for some never used before education-related [...]