Creating More Business Meal Tax Deductions
The Tax Cuts and Jobs Act (TCJA) removed the “directly related and associated with” requirements from business meals.
Congress Closes the PayPal 1099-K Reporting Loophole
Tax reporting rules that will make it almost impossible for independent contractors and other businesses to hide their income from the IRS by receiving electronic payments.
IRS Arrives with Tax Assessor’s Allocation to Land and Building
You can use any reasonable method to determine the value of land and buildings for depreciation purposes. Assessed values are commonly used, but the IRS can’t require that they be used if you have something better.
IRS Audit Issue: SUV Built on Car Chassis
To qualify for bonus depreciation (or Section 179 expensing), the SUV must escape the luxury vehicle depreciation limits on deductions.
How to Deal with the New $142,800 Base for Self-Employment Taxes
You know the expression “Don’t let the camel’s nose get under the tent”? It applies here.
New Law: Time to Benefit from the Work Opportunity Tax Credit
Suppose your business hires a member of a targeted group. In that case, you can claim the potentially lucrative federal Work Opportunity Tax Credit (WOTC) for some of the wages paid to the individual.
Q&A: How Do I Get My Rental Losses onto Schedule C?
With one exception, rentals go on Schedule E. To get on Schedule C, your rental must be short term and come with substantial services.
Secrets to Pocketing Cash by Renting a Bedroom in Your Home
This article gives you, in plain English, the rules of the road on bedroom rentals. You will learn what to do, what not to do, and how to get the best possible after-tax cash result.
Know These Tax Rules If Your Average Rental Is Seven Days or Less
Do you own a rental property for which the average rental period is seven days or less for the year? Such properties can include condominiums, cottages, cabins, lake or beach homes, ski lodges, and similar properties.If the period of average rental is seven days or less, you have a vacation hotel of one sort or the other, as uniquely defined by the tax code.
How Renovating a Historic Building Can Put Money in Your Pocket
The federal Rehabilitation Tax Credit, or rehab credit, offers significant financial incentives for owners or leaseholders of historic buildings to renovate those structures.