People could deduct all kinds of crazy expenses from their tax returns, like the depreciation on ostriches and the cost of clarinet lessons. And yes, people have been successful in...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 11/17/2020
The IRS issued depreciation limits for commercial passenger cars placed in service by taxpayers in 2020. The IRS also released annual income inclusion values for these vehicles first...
Posted by Elliot Kravitz, ATP on 11/16/2020
Even though the TCJA of 2017 hit several small businesses, a couple of these businesses enjoyed relief. While many enterprises want rate change and extra deductions, wine producers,...
Posted by The TaxAdvocate Group, LLC on 11/16/2020
The IRS, in conjunction with the Treasury Department, has released final regulations containing changes from the TCJA (2017). With these rules, taxpayers can determine discounted unpaid...
When allowable deductions exceed gross income in a fiscal year, you end up with a net operating loss. To calculate your business's net operating loss, you must deduct the tax deductions...
Posted by Dennis Jao on 11/16/2020
The lawn care business is a challenging and interesting one. Operating this business is undoubtedly fun, but it comes with its share of issues, challenges, and uncertainty. However,...
Posted by Flynn Financial Group Inc on 11/16/2020
529 state-run plans have always had tax benefits, but recent federal tax law changes have made them even more attractive to many families. Here's what you need to know to get the...
Posted by CORE PERFORMANCE on 11/16/2020
Since the end of 2017 & into today, there is a 1.4% excise tax directed on the net investment right from the new tax law. This excise tax affects the net investment income of some...
Posted by Unifirst Financial & Tax Consultants on 11/16/2020
Some laws remain relatively unchanged for decades, if not centuries. However, tax laws are not timeless and must reflect an ever-changing global economy, complex government changes,...
Posted by Karen Munoz, EA on 11/13/2020
