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. ...
Over the years, we’ve come across many small-business owners and tax advisors who believe that a home office is not deductible unless it’s the only place of business. The IRS says “you can have more than one business location, including your home for a single...
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...
Why is the home-office deduction so important? Is it really that different from other business deductions? The answer is YES! Two Reasons There are two reasons why this deduction is important for every single business owner and is in a class of its own:1. It’s...
