Kiddie Tax: New Hazards, New Opportunities
The “kiddie tax” is far from child’s play. And a change made by the Tax Cuts and Jobs Act (TCJA) puts some adult teeth into the tax.
Author: Andrew Litchford
Posts by Andrew Litchford
There’s Still Time to Reduce your 2019 Tax Liability
Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies.
Taxable vs. Tax-Advantaged: Where to Hold Investments
When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, but it may make more sense to hold other investments in taxable accounts.
Repairing or Improving your Business Property can Provide Tax Deductions
Business owners may think that, if they repair a piece of tangible property, they’ll qualify for an immediate tax deduction. But the IRS may define that “repair” as an “improvement,” and require the costs to be depreciated over a much longer period.
Two Tax Breaks to Reduce 2019 Tax Liability
Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability.
Meal, Travel and Entertainment Expenses: Know what’s Deductible
Business meal and travel expenses are still deductible if they qualify as legitimate business expenses, though the deduction for meal expenses continues to be limited to 50% in most cases.
What Environmental Cleanup Expenses are Deductible?
The money you spend on environmental cleanup can be deductible, but you want to claim the maximum immediate income tax benefits possible for the expenses you incur.
How Deducting Business Losses Changed with TCJA
TCJA has placed some limitations on deducting business losses. Here’s a look at the changes in the rules and how they might affect you.
Small businesses: Get ready for your 1099-MISC reporting requirements
A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others.
What you Need to Know About Business Interest Limits
The Tax Cuts and Jobs Act (TCJA) introduced a variety of tax benefits for businesses. but it placed limits on several tax breaks, including interest expense deductions.