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Rental Real Estate Qualifies as a Business

Posted on October 5th, 2019

A safe harbor is now available for taxpayers seeking to claim the section 199A deduction with respect to a “rental real estate enterprise.” What this means is that certain interests in rental real estate – including interests in mixed-use property – are allowed to be treated as a trade or business for purposes of the qualified business income deduction under section 199A of the Internal Revenue Code. Read More…

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Employer Credit for Family and Medical Leave

Posted on October 3rd, 2019

Thanks to the passage of the Tax Cuts and Jobs Act last year, there’s a new tax benefit for employers: the employer credit for paid family and medical leave. As the name implies, employers may claim the credit based on wages paid to qualifying employees while they are on family and medical leave. Read More…

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File 2019 Tax Returns by Oct. 15 Extension Deadline

Posted on October 1st, 2019

Time is running short for taxpayers who requested an extra six months to file their 2019 tax return. As a reminder, Tuesday, October 15, 2020, is the extension deadline for most taxpayers. For taxpayers who have not yet filed, here are a few tips to keep in mind about the extension deadline and taxes: Read More…

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October 1 Deadline to Set up SIMPLE IRA Plans

Posted on September 1st, 2019

Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you’ll need to set it up by October 1st. Here’s what you need to know. Read More…

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New Opportunities for Deferring Taxable Gains: Qualified Opportunity Zones 101

Posted on July 19th, 2019

What are Qualified Opportunity Zones and how can I benefit as a taxpayer?

Recently, I’ve had many clients – individuals, business owners, and investors – ask me about the recent buzz surrounding Qualified Opportunity Zones (QOZs). They’ve come to me saying they’ve heard that QOZs can help them defer…and even reduce…their tax liability on capital gains.

The first thing I tell them is, yes, all of the above is true. Next? I warn them that it’s complicated, like many of the tax regulations that have emerged from 2018’s Tax Cuts and Jobs Act. You must consult with a qualified CPA to ensure you’re following proper protocol required for reaping the rewards of investing in a Qualified Opportunity Zone. Read More…

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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…

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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…

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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…

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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…

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Delinquent Tax Debts Could Affect Passport Renewal

Posted on May 2nd, 2019

As a reminder, individuals with “seriously delinquent tax debts” are subject to a new set of provisions courtesy of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. These provisions went into effect in February 2018. Read More…

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Fringe Benefit Deductions Change and Affect Business

Posted on April 4th, 2019

The Tax Cuts and Jobs Act included a number of tax law changes that affect small businesses such as deductions for fringe benefit, which can affect both a business’s bottom line and its employees’ deductions. Here’s a summary of what these are: Read More…

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Safe Harbor for First Year Passenger Auto Depreciation

Posted on March 5th, 2019

Under the Tax Cuts and Jobs Act (TCJA), there is an additional first-year depreciation deduction that applies to qualified property, including passenger automobiles, acquired and placed in service after September 27, 2017, and before January 1, 2027.

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Taxable vs. Nontaxable Income

Posted on March 5th, 2019

All income is taxable unless the law specifically excludes it, but as you might have guessed, there’s more to it than that. With that in mind, let’s take a closer look at taxable vs. nontaxable income.

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Pros and Cons of Filing a Tax Extension

Posted on March 4th, 2019

Obtaining a 6-month extension to file is relatively easy and there are legitimate reasons for doing so; however, there are also a few downsides. If you need more time to file your tax return this year, here’s what you need to know about filing an extension.

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Report Name Changes before Filing Taxes

Posted on March 1st, 2019

All of the names on a taxpayer’s tax return must match Social Security Administration records because a name mismatch can delay a tax refund. Here’s what you should do if anyone listed on their tax return changed their name:

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