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New Tax Law Allows Small Businesses to Expense More, Expands Bonus Depreciation

In a November 15 news release, the IRS reminded small business taxpayers that changes to the tax law per the Tax Cuts and Jobs Act (TCJA) mean they can immediately expense more of the cost of certain business property. Many are now able to write off most depreciable assets in the year they are placed […]

Tax Reform Changes Depreciation Limits on Luxury Automobiles

The Tax Cuts and Jobs Act changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017. If the taxpayer doesn’t claim bonus depreciation, the greatest allowable depreciation deduction is: $10,000 for the first year $16,000 for the second year $9,600 for the third year $5,760 for each later taxable year in the […]

Plan now to use Health Flexible Spending Arrangements in 2019

November 24th, 2018 The Internal Revenue Service reminded eligible employees that now is the time to begin planning to take full advantage of their employer’s health flexible spending arrangement (FSA) during 2019. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees need […]

Not too early: Here are steps taxpayers can take now to get ready to file their taxes in 2019

November 23rd, 2018 The IRS reminds taxpayers there are steps they can take now to make sure their tax filing experience goes smoothly next year. Taking these steps will also help them avoid surprises when they file next year. To help get people the information they need, the IRS just updated a special page on IRS.gov with […]

Tax reform affects if and how taxpayers itemize their deductions

November 22nd, 2018 Tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or simply tax reform. In addition to nearly doubling standard deductions, TCJA changed several itemized deductions that can be claimed on Schedule A, Itemized Deductions. This means […]

IRS extends Oct. 15 and other upcoming deadlines, provides expanded tax relief for victims of Hurricane Michael

November 21st, 2018 Hurricane Michael victims in parts of Florida and elsewhere have until Feb. 28, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced. The IRS is offering this relief to any Major Disaster Declaration area designated by the Federal Emergency Management Agency (FEMA) […]

IRS issues proposed regulations on new 20 percent deduction for pass-through businesses

November 20th, 2018 The Internal Revenue Service issued proposed regulations today for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The new deduction — referred to as the Section 199A deduction or the deduction for qualified business income — was […]