Under the de minimis fringe benefit rules, your business deducts the cost of giving you or your employees flowers, fruit, books, and similar property under special circumstances. The recipients—you or your employees—receive these fringe benefits tax-free. You can’t do...
Tax planning to classify payments to charities as business expenses has been around for some time when lawmakers put limits on the charitable contributions and when 2017 tax reform (TCJA) almost doubled the standard deduction amounts. The planning history makes good...
The IRS Says . . .Revenue Ruling 70-393 states that the monies spent to outfit and support a sports team are similar to monies spent on other methods of advertising; accordingly, you may deduct them as business expenses for federal income tax purposes. ...
Under the trade or business rule, your rental property profits can create the deduction. And now, under an alternative rule, you can use the newly created IRS safe harbor to make your rentals qualify for the deduction. When you meet the new safe-harbor rules, the IRS...
Qualified business income (QBI) deduction is available for a sole proprietorship, partnership, S corporation, and certain trusts, estates, and rental properties. The tax code says QBI includes the net dollar amount of qualified items of income, gain, deduction, and...
