Tax Reform Allows Bigger Vehicle Deductions Finally, lawmakers did the right thing by increasing the luxury auto depreciation limits on business cars. The old luxury limits were unrealistic, punitive, unfair, and discriminatory against any car that cost more than...
Tax Reform Allows 100 Percent Deductions for Presentation Expenses Tax reform did much damage to tax deductions for business entertainment and meal expenses. But meals served at business presentations survived the entertainment and prospect and client meal...
Tax Reform Cuts Deductions for Employee Meals to 50 Percent Tax reform (Public Law 115-97) includes winners and losers. Employers who for their convenience provided business meals for their employees are losers—50% losers to start and then total losers later. Meal...
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...
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...
Tax Reform Creates Taxes on Employee Fringe Benefit for Bicycles Tax reform created taxes on the employee fringe benefit for bicycles. You could (and can) deduct your costs for reimbursing employees for their qualified bicycle transportation costs. But tax reform now...
