Almost every section of the tax code was changed by the 2017 TCJA, which also affected every taxpayer, including businesses. While some of these changes were positive (reduced tax...
When you file your business taxes, you may be gathering information and asking yourself what is deductible and not. Income tax deductions benefit your business because they lower your...
On January 5, 2021, the Treasury and IRS released a second set of final business interest expense deduction regulations (the 2021 Final Regulations) that provide additional rules to...
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...
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
The IRS has announced the 2020 standard mileage rates for commercial, medical, and other users of a car and the 2020 vehicle values that limit the application of specific rules to...
Posted by YourIRSTaxAdvocate.com on 02/15/2020
Depreciation doesn’t sound appealing to most of us. However, all the tax savings it will give you might be of great benefit for you!You should familiarize yourself on the basics...
Posted by Debi G Hill, CPA on 12/28/2019
As a homeowner, it's imperative to know and understand the taxes you can deduct from your taxes because they will help you reduce your taxable income and reduce your tax burden....
Posted by Flynn Financial Group Inc on 10/29/2019
Trader tax status (TTS) comprises the cost of doing business treatment and opens an arrangement of essential tax benefits for eligible active traders. The initial step is to know if...
Posted by LLOYD J CAZES CPA on 10/23/2019