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 […]
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 […]
Rental real estate requires reporting for QBI deduction
There is a significant tax deduction available for owners of rental property, but you will have to get started now organizing your records to claim the savings on your 2019 taxes. The new qualified business income deduction that was created as part of the Tax Cuts and Jobs Act can be a great tax-saving tool […]
Qualified Opportunity Fund is a worthy option for investing capital gains
The business landscape is ever evolving as many owners are selling their businesses or restaurants or retiring. The upside is these business owners are often realizing a significant return on their life’s investment. The downside is a large capital gains tax bill is looming on the horizon. There is an option that can provide a […]
