Seminar Event: Investing in Economic Opportunity Zones
Posted on June 28th, 2019
EVENING SEMINAR
INVESTING IN ECONOMIC OPPORTUNITY ZONES
WEDNESDAY, JULY 24, 2019 • 5 PM – 6 PM
Presented by Jeffrey Cassin, Esq., Stephanie Edelstein, Esq., & Robert P. Russo CPA PC.
Moderated by James Melonichok Read More…
Tags: Investing
Good News: Most Rentals Likely Qualify as Section 199A Businesses
Posted on June 28th, 2019
The Tax Cuts and Jobs Act (TCJA) tax reform added new tax code Section 199A, which created a 20 percent tax deduction possibility for you if your rental property (a) has profits and (b) can qualify as a trade or business.1 Read More…
Tags: 2018 Tax Law, Deductions, Real Estate
For 199A Tax Deductions, Must Landlords Give 1099s to Vendors?
Posted on June 20th, 2019
The preamble to the Section 199A final regulations contains the following new sentence:
… taxpayers should consider the appropriateness of treating a rental activity as a trade or business for purposes of section 199A where the taxpayer does not comply with the information return filing requirements under section 6041.1
Tax code Section 6041 requires a trade or business to issue 1099s to certain vendors.2
So, the IRS is saying that you “should consider the appropriateness” of NOT giving 1099s to vendors if you are asserting that your rental property qualifies as a trade or business for the Section 199A tax deduction. Read More…
Tags: 1099, Deductions, Real Estate
Recordkeeping Tips for Small Business Owners
Posted on June 6th, 2019
The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year. Read More…
Tags: Bookkeeping, Record Keeping, Small Business
How the Sharing Economy Affects Your Taxes
Posted on June 5th, 2019
If you’ve ever used—or provided services for—Uber, Lyft, Airbnb, Etsy, Rover, or TaskRabbit, then you’re a member of the sharing economy and it could affect your taxes. The good news is that if you’ve only used these services (and not provided them), then there’s no need to worry about the tax implications. Read More…
Tags: 2018 Tax Law, IRS
Employers: Backup Withholding Lowered to 24 Percent
Posted on June 5th, 2019
Small business owners are reminded that tax reform legislation lowered the backup withholding tax rate to 24 percent. In addition, the withholding rate that usually applies to bonuses and other supplemental wages was also lowered to 22 percent. Read More…
Tags: 2018 Tax Law, Tax Tips, Withholding
Choosing a Legal Entity for Your Business — The Right Fit
Posted on June 3rd, 2019
If you’ve decided to start a business, one of the most important decisions you’ll need to make is choosing a legal entity. It’s a decision that impacts many things—from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you could face. Read More…
Tags: Business Entity, Small Business
Tax Tips for Students with a Summer Job and How It Affects You
Posted on June 3rd, 2019
Are you a student with a summer job or the parent of a student with a summer job? Here are seven things you should know about the income earned by students during the summer months. Read More…
Tags: 2018 Tax Law