This article will cover The Tax Cuts and Jobs Act changes to businesses from 2018-2025. Continue reading “Tax Reform Changes to Businesses”
Category: Lets Talk Tax Law
Business Expenses vs. Assets | Is there a difference according to the IRS? and Tax Reform changes.
Business owners often think that if they pay money for anything that is business related it’s a business expense; while this is often true, sometimes it’s not. If the expenditure falls under a different IRS definition it could cause different deductability rules and limits to be applicable. Therefore, putting the business owner at risk of an audit do to over stating business expenses. This may result in unnecessary penalties and interest along with an increase in tax liability for the year in question.
Prevent that from happening to your business by understanding the difference of these expenditures. Continue reading “Business Expenses vs. Assets | Is there a difference according to the IRS? and Tax Reform changes.”
Tax Reform Changes to Individual Tax Payers Tax Returns through 2025
Like mentioned before there were both benefits and negative impacts brought by tax reform. Most of the negative impact affects the itemized deductions. I have already covered those in another webinar. I will link that video bellow. Continue reading “Tax Reform Changes to Individual Tax Payers Tax Returns through 2025”
Federal, State and Local taxes for small startups?
So, you have started a new businesses venture, and wondering what taxes you need to file, to whom and what’s the difference. The U.S. Constitution authorizes U.S government(s) to collect various types of taxes from you. Each form of taxation is governed by separate and distinct bodies of law, and vary depending on where your business is register, under what entity type, what type of goods and services the business provides, and where the business provides these goods or services to their customers. Continue reading “Federal, State and Local taxes for small startups?”
TAX REFORM ON 1031 | CRYPTOCURRENCY AND REAL ESTATE INVESTORS
The major change to Section 1031 is the complete repeal of personal property exchanges. The Code section now refers exclusively to real estate assets, and has been retitled, “Exchange of real property held for productive use or investment.” Continue reading “TAX REFORM ON 1031 | CRYPTOCURRENCY AND REAL ESTATE INVESTORS”
Summary of Tax Provisions in Bipartisan Budget Act of 2018
DIVISION B – DISASTER RELIEF
SUBDIVISION 2 – TAX RELIEF AND MEDICAID CHANGES RELATING TO
CERTAIN DISASTERS
TITLE I – CALIFORNIA FIRES
- Sec. 101 – Sec. 104. California Fire Provisions. Provides disaster tax relief benefits with respect to individuals and businesses affected by California wildfires. These benefits are special rules allowing access to retirement funds, temporary suspension of limits on deductions for charitable contributions, allowance of deductions for personal casualty disaster losses, special rules for measurement of earned income for purposes of qualification for tax credits, and a special credit for employee retention.
Continue reading “Summary of Tax Provisions in Bipartisan Budget Act of 2018”
TAX CUTS & JOBS ACT
TAX REFORM POLICY HIGHLIGHTS
The Tax Cuts and Jobs Act (H.R. 1) overhauls America’s tax code to deliver historic tax relief for workers, families and job creators, and revitalize our nation’s economy. By lowering taxes across the board, eliminating costly special-interest tax breaks, and modernizing our international tax system, the Tax Cuts and Jobs Act will help create more jobs, increase paychecks, and make the tax code simpler and fairer for Americans of all walks of life.