Taxes

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 group. In general, the out-of-favor group includes lawyers, doctors, accountants, tax professionals, consultants, athletes, authors, security traders, actors, singers, musicians, entertainers, and…

Tax reform created a new 20% tax deduction for select pass-through entities.

As you likely know, you may no longer deduct directly related or associated business entertainment effective January 1, 2018.

It is no overstatement to say that this mammoth tax bill will have a significant impact on virtually every business.

After months of intense negotiations, the President signed the “Tax Cuts And Jobs Act Of 2017” (the “New Law”) on December 22, 2017.

Rejoice if you operate your business as a sole proprietorship, partnership, or S corporation…

Now that you see how business owners miss out on tax breaks, let’s talk about the final mistake.

Now let’s take a minute to discuss some fun deductions for meals and entertainment.

Now let’s talk about the most common mistake that business owners and professionals make with vehicle expenses…