While many people work from home, not everyone qualifies for home office deductions. Here are the rules for eligibility.
TCJA
Your Weekly Read
It’s income tax planning time for your small business
2024 will be over soon enough. Here are some year-end tax planning moves to consider that may help your small business save on taxes.
TCJA and the possible future tax landscape for businesses
The tax landscape for businesses may change significantly in the near future. That’s because provisions in the Tax Cuts and Jobs Act (TCJA) are scheduled to expire and the November elections will be decided. Here are some possible outcomes.
What might be ahead due to expiring tax provisions?
What’s on the tax horizon as many Tax Cuts and Jobs Act provisions get closer to their scheduled expiration date? Here are four possible scenarios.
Casualty losses now only allowed for federally declared disasters
Unforeseen disasters happen all the time and they may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act, eligible casualty loss victims could claim a deduction on their tax returns. But there are new restrictions that make these...
Deducting business meal expenses under today’s tax rules
In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors, and employees. What can you deduct on your tax return for business meal expenses? The rules changed under the Tax Cuts and Jobs Act...
Should your small business lease or buy equipment?
Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many businesses that formerly leased assets are now deciding to buy them. Pros and...
Big changes for individual income tax returns this year
When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you. Yes, individual income tax rates have decreased. But the Tax Cuts and Jobs Act (TCJA) has also made significant changes to personal exemptions, standard...
A refresher on major tax law changes for small business owners
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Small business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes...
A review of significant TCJA provisions impacting individuals
Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA), which was signed into law at the end of 2017, likely will have a...
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Washington, NC 27889
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