How to Deduct Your Legal Fees after Tax Reform The Tax Cuts and Jobs Act (TCJA), known as tax reform, made it more difficult for you to deduct your legal fees. The new tax reform law suspended (killed is a better word) your legal fees as 2 percent miscellaneous...
Avoid Being an IRS Target When Your Business Loses Money If you operate what you think is a business, but that business loses money, it may not be a business at all under the tax code. Such a money-losing activity can look like a tax shelter to the IRS, and that...
Tax Reform: Planning for Your New 20 Percent Deduction As you likely know by now, the Tax Cuts and Jobs Act created a 20 percent tax deduction under new tax code Section 199A. The question for you: Will you reap any benefits from this new deduction? And the second...
Divorce? Alimony? Tax Reform Says Get Divorced Now—Don’t Wait Tax reform changes the alimony game. This may or may not have any relevance to you, but if it does, you will want to move quickly. The Tax Cuts and Jobs Act (TCJA) eliminates tax deductions for alimony...
Tax Reform Update on Business Meals with Clients and Prospects Here’s the updated strategy: Deduct your client and business meals as if tax reform never took place. Wow. Is this aggressive? Not if the IRS comes out with regulations that follow a model set by the...
Does Tax Reform Dislike Your Reputation or Skill? Here’s a troubling thought. Did lawmakers put you in the out-of-favor tax group that denies you the 20 percent Section 199A deduction because: your business makes too much money, and it does so thanks to the reputation...
