Good News: Most Rentals Likely Qualify as Section 199A Businesses The Tax Cuts and Jobs Act 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...
IRS Clarifies Net Capital Gains in Final 199A Regulations Your Section 199A tax deduction will benefit from your business’s W-2 wages paid to you and your employees if you are married and filing jointly and your taxable income is over $315,000 and less than...
IRS Section 199A Final Regs Shed New Light on Service Businesses Remember, new tax code Section 199A offers you a 20 percent tax deduction gift if you havepass-through business income (such as from a proprietorship, a partnership, or an S corporation), and2018 taxable...
IRS Clarifies Net Capital Gains in Final 199A Regulations New tax code Section 199A can give you a tax deduction of up to 20 percent of your taxable income reduced by net capital gains. In new final regulations, the IRS has provided clarity on the capital gains...
Avoiding the Kiddie Tax after Tax Reform If your family has trouble with the kiddie tax, you face some new wrinkles for tax years 2018 through 2025 thanks to the Tax Cuts and Jobs Act (TCJA) tax reform. This is one of the many areas where tax planning can pay off. For...
Avoid the 1099 Prepaid-Rent Mismatch Two questions:Did you prepay your 2019 rent so that you have a big 2018 tax deduction?How do you identify in your accounting records the monies you put on your IRS Form 1099-MISC for the business rent payments to your landlord? For...
