Many people are aware that the tax rate for C-Corporations lowered to 21% across the board, but what many do not know is that there is a potential 20% deduction on Qualified Business Income (QBI) for owners of pass-through entities, Schedule C businesses and even...
The accounting landscape in the United States was inundated at the end of 2017 with the impact of the Tax Cuts and Jobs Act (TCJA) on individuals and their personal tax returns. Now that the tax deadline has come and gone, business owners need to focus on how...
See what the IRS is warning small businesses about... https://www.irs.gov/newsroom/irs-urges-small-businesses-protect-it-systems-from-identity-theft
One of the most talked about aspects of the Tax Cuts and Jobs Act (TCJA) were the changes made to business meals and entertainment expenses. With changes in law, come the necessary changes in how these expenses should be categorized on your books. Appropriate time...
Does the buzz about the new tax laws have you second guessing your second mortgage? Second guess no more! The IRS has stated that taxpayers are, in many cases, still able to deduct interest on a home equity loan, a home equity line of credit, or a second mortgage. It...
New for 2017 You are eligible for a $3,000 exemption on your Income Tax return if you are a military veteran who was honorably discharged or released under honorable circumstances from active duty in the Armed Forces of the United States on or any time before the last...
Pennsylvania DOR delays the new 1099-MISC withholding requirements The Pennsylvania Department of Revenue has recognized that additional time will be needed for businesses and the department to be in compliance with the new withholding provisions of Act 43 of 2017,...
The Bipartisan Budget Act of 2018, signed February 9th, 2018 Retroactively Extended the Following Provisions (except as noted) through December 31st, 2017. Sec. 40201. Extension of exclusion from gross income of discharge of qualified principal residence indebtedness....
The R&D Credit is not just for large corporations, but for all companies that design, develop or improve products, processes, techniques, formulas, inventions or software. In fact, if a company has simply invested time, money and resources toward the advancement...