Ivy Ting-Wimberly

Tax Benefit for Business Vehicle Trade-In Eliminated

Tax Benefit for Business Vehicle Trade-In Eliminated Beginning January 1, 2018, tax reform no longer allows Section 1031 exchanges on personal property such as your business vehicle. The trade-in was the most common 1031 exchange of a business vehicle. Now, because...

Preserve the Deduction with an S Corporation

Preserve the Deduction with an S Corporation Will your business operation create the 20 percent tax deduction for you? If not, and if that is due to too much income and a lack of (a) wages and/or (b) depreciable property, a switch to the S corporation as your choice...

Phaseout for New 20% Deduction

Phase-out for New 20% Deduction If your pass-through business is an in-favor business and it qualifies for tax reform’s new 20 percent tax deduction on qualified business income, you benefit at all times, including being above, below, or in the expanded wage...

How the 20% Deduction Works for a Specified Service Provider

How the 20% Deduction Works for a Specified Service Provider As previously discussed, the 20 percent tax deduction under new 2018 tax code Section 199A is a very nice tax break for business owners, except for owners with high income who also fall into the out-of-favor...

Tax Reform Provides New 20% Deduction

Tax Reform Provides New 20% Deduction The new 2018 Section 199A tax deduction that you can claim on your IRS Form 1040 is a big deal. There are many rules (all new, of course), but your odds as a business owner of benefiting from this new deduction are excellent....