The TCJA that was passed in 2017 significantly reduced the corporate tax rate and introduced the Qualified Business Income Deduction (QBID).The QBI deduction makes it possible to reduce...
There are essential elements in the 2018 tax law changes that will affect farmers and their families. These changes span through to 2025.Effect on Individuals Standard Deduction:...
Posted by Carmen Garcia on 11/18/2020
With precautions and careful consideration during the Coronavirus Pandemic, many people all over the country are still turning to ridesharing to bring in extra income with apps like...
The Tax Cuts and Jobs Act (TCJA) of 2017 reduced the federal income tax rate for C Corps to 21%, effective January 1, 2018. With this tax rate reduction, business owners can assess...
The Internal Revenue Code is configured to offer numerous tax reductions to individuals and businesses. Even the IRS recognizes that you have to save money to live and manage your...
The trader tax status (TTS) constitutes the treatment of business expenses and offers several significant tax advantages to qualified active traders. The first step is to determine...
Posted by Advanced Accounting & Tax Planning on 04/20/2020
In a perfect world, we earn all our income by doing something we love. Whether it's raising puppies, kites, or training young athletes, nothing beats receiving a paycheck to do...
Posted by Larry Hurt on 11/05/2019
There are critical tax favorable circumstances for Independent Contractors (IC) versus workers. ICs deduct costs of doing business, though, the new tax law (TCJA) suspended "unreimbursed...
Traders or merchants who qualify for the trader's tax status (TTS) as a sole proprietorship, S-Corp or partnership (including hedge funds), wonder if they should use the tax treatment...
Posted by John Pournaras Agency on 04/09/2019