Finally!!! The IRS Provides Guidance On 20% Business Pass-Through Deduction The folks at Forbes have published a better explanation than we could write. So, with a thanks to Forbes Tony Nitii, here are the particulars as we know them. This is easy reading, and mandatory for every business person who has a Sub-S corporation, Sole Proprietorship, Partnership or Trust. If you do not feel like reading this feel free to call us and we can review it with you.
April 17th is right around the comer. Here's a short list of what's due.
While most people should file a tax return by April 17, you have the option of delaying your filing date until Oct. 15 with a tax extension.
Starting your own business can be equal parts thrilling and intimidating. Complying with regulations and tax requirements falls into the latter category. But, with some professional help, it doesn’t have to be that way. You can get started with this checklist of things you’ll need to consider.
With all the headlines about the changes to tax law, you probably have lots of questions. Here are answers to some of the most common questions taxpayers have this year.
Congress passed a federal budget bill in early February that revived dozens of expired tax breaks for the 2017 tax year. They include a deduction for education expenses as well as several tax breaks for homeowners. If you have not yet filed your 2017 tax return, please be aware these late changes are retroactive to the beginning of 2017. Check out this list of the most useful tax breaks to see if they apply to your situation:
Tax and employment reduction law: key provisions that affect people On December 20, Congress completed the approval of the largest federal tax reform law in more than 30 years. Commonly called the "Tax Jobs and Jobs Act" (TCJA), the new law involves substantial changes for individual taxpayers.
The Internal Revenue Service issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
On December 20, 2017, Congress passed its comprehensive tax reform bill, the Tax Cuts and Jobs Act (“the Act” or “the Bill"). The Bill represents one of the most extensive modifications to the U.S. tax code in recent history, significantly modifying U.S. taxation for individuals and businesses. Most provisions in the bill take effect on January 1, 2018. Below you will find a summary of some of the provisions included in the Tax Cuts and Jobs Act for businesses.
Business Tax: Do You Want to Expense Your Assets Consider the Section 179, or De minimis safe harbor Election to Expense Assets
Business travelers have a lot of expenses to keep up with from hotels to taxis to tips. To keep things simple, the Internal Revenue Service (IRS) allows the use of per diem (Latin meaning "for each day") rates. Per diem rates are the equivalent of a fixed amount paid to employees to compensate for lodging, meals, and incidental expenses incurred when traveling on business rather than using actual expenses. These rates are also used for federal income tax purposes.
A Recap of Key Tax Relief Provisions Available Following Harvey, Irma and Maria. The Internal Revenue Service today offered a rundown of key tax relief that has been made available to victims of Hurricanes Harvey, Irma and Maria.
Over the next few decades, the Gen X and Millennial generations will be the recipients of one of the greatest wealth transfers in history. A portion of that will be in the form of IRAs from their parents, grandparents, and other relatives.
It's widely considered one of the best investments a near-retiree can make – delaying the start of Social Security benefits to 66 or 70 instead of 62. The delay provides a guaranteed investment gain by increasing the benefit 8 percent a year, a return that in most cases can only be matched by taking much greater risks on stocks.
Equifax is one of the largest credit reporting agencies in America, which makes an announcement the company just issued particularly disconcerting. An authorized third party gained access to Equifax data on as many as 143 million Americans. That's nearly half the population of the United States as of the last census.
FDEP has prepared a draft delineation of the Priority Focus Area (PFA) for the Volusia Blue Spring and Spring Run Basin Management Action Plan (BMAP). Restoration to include all area in the BMAP area, but PFA boundary will be focus for 5-year targets.