Employee Business Expenses & Tax Reform
Article Highlights: Miscellaneous Itemized Deductions Subject to the 2% AGI Floor Employee Business Expenses Employee Reimbursement Plan (Accountable Plan) Note: This is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of 2017, […]
Personal Casualty Losses Axed by the New Tax Law
Article Highlights: Casualty Losses Deduction Suspension Disaster Related Casualty Losses Insurance Coverage Note: This is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of 2017, could affect you and your family, both […]
Tax Deductions for Business Professionals
Professional Fees & Dues:Dues paid to professional societies related to your profession are deductible. These could include professional organizations, business leagues, trade associations, chambers of commerce, boards of trade and civic organizations. However, dues paid for memberships in clubs organized for business, pleasure, recreation or other social purpose are not deductible. These could include country […]
CREDIT & DEBT MANAGEMENT
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Video: Standard Mileage for 2021 Announced
Video: Standard Mileage for 2021 Announced https://www.legacytaxresolutionservices.com/blog/video-standard-mileage-for-2021-announced/44924
Assisting Your Child in Acquiring a Home
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
You Can Expense Business IT Purchases
Article Highlights: Depreciation Material & Supply Expensing De Minimis Safe Harbor Expensing Routine Maintenance Bonus Depreciation Section 179 Expensing Thanks to some very liberal tax laws written to encourage investment in personal tangible equipment, including information technology (IT) equipment, many businesses will be able to expense (write off as a tax deduction) all such […]
Surprise! Extender Bill Passed: Do You Benefit?
Mortgage Insurance Premiums Above-the-Line Education Expenses Exclusion of Home Cancellation of Debt Income Credit for Nonbusiness Energy Property Credit for New Qualified Fuel Cell Motor Vehicles Credit for Alternative Fuel Vehicle Refueling Property Credit for 2-Wheeled Plug-In Electric Vehicles Credit for Energy-Efficient New Homes Race Horses as 3-Year Property Energy Efficient Commercial Buildings Deduction Congress […]
Rental Real Estate as an Investment
A popular form of long-term investment is real estate rentals. Rentals can fall into several varieties, of which real estate rentals is the most common. This material will explain some of the tax ramifications of renting real estate, both residential and commercial. One of the biggest benefits of owning rental property is that the tenants, […]
Tax Deductions for Medical Professionals
Supplies & Expenses: Generally, to be deductible, items must be ordinary and necessary to your medical profession and not reimbursable by your employer. Record separately items having a useful life of more than one year. Normally, the cost of such assets are recovered differently on your tax return than are other recurring, everyday business expenses such […]