Fully deduct business meals again this year

The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021). So, you can […]

More states enact SALT workarounds

New York and Georgia have now added to the growing number states enacting measures to work around the cap on state and local tax deductions. The 2017 Tax Cuts and Jobs Act placed a $10,000 cap on the deduction, which was a blow to residents in high tax states. Since TCJA was enacted, various states […]

IRS allows SALT cap workaround for pass-throughs

When the Tax Cuts and Jobs Act was enacted in 2017, the $10,000 cap on state and local taxes deductions left residents in high tax states out in the cold. For example, many New Yorkers and Californians know it is not unusual for state income tax amounts to approach the cap from payroll deductions alone. […]

Changes to QIP May Prompt Adjustments to Some Georgia Tax Returns

Georgia business owners may need to adjust depreciation taken on qualified improvement property in 2019 now that the state has adopted 15-year recovery periods and does not allow 100% bonus depreciation. The QIP recovery period first became an issue with the adoption of the Tax Cuts and Jobs Act in 2017, when through a technical […]

Seniors: Can you deduct Medicare premiums?

If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re married and both you and your spouse are paying them. But there may be a silver lining: You may qualify […]

CARES Act changes how business losses are treated

In addition to the relief offered to individuals and business owners impacted by the COVID-19 outbreak, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) also contains modifications for how business losses are treated for tax purposes. What is an NOL? Generally, a net operating loss occurs when your deductions for the year are […]

What businesses need to know about the new CARES Act

The third coronavirus relief package – the Coronavirus Aid, Relief and Economic Security Act (CARES Act) – has been passed by Congress and signed by President Trump. The CARES Act contains provisions designed to help both businesses and individuals. Click here to read about the provisions affecting individuals. Below is a look at those provisions […]

Can you deduct charitable gifts on your tax return?

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are […]

Beware of audit if you plan to move to a lower-tax state

If you’re thinking about moving to a place with nice weather and a nicer environment for taxes, you’re not alone – and one of the people who may be following you is an auditor. More and more Americans are moving to states that have more favorable tax laws, a trend that seems to have picked […]

Making business improvements before year-end may get you a bonus

Let’s talk bonus depreciation. It’s time for year-end tax planning, and under the Tax Cuts and Jobs Act, qualified new and used property that is acquired and placed in service in your business in 2019 is eligible for 100 percent first-year bonus depreciation. In other words, if you have been thinking about purchasing some equipment […]