BLOG | firm1040

December 26, 2017

The 20 percent tax deduction under new 2018 tax code Section 199A is a very nice tax break for business owners, except for owners with high income who also fall into the out-of-favor group.

In general, the out-of-favor group includes lawyers, doctors, accountants, tax professionals, consultants, athletes, authors, security traders, actors, singers, musicians, entertainers, and others.

Getting just a little more t...

December 11, 2017

The new 2018 Section 199A tax deduction that you can claim on your IRS Form 1040 is a big deal. There are many rules (all new, of course), but your odds as a business owner of benefiting from this new deduction are excellent.

Rejoice if you operate your business as a sole proprietorship, partnership, or S corporation, because your 2018 income from these businesses can qualify for some or all of the new 20 percen...

December 1, 2017

You may no longer deduct directly related or associated business entertainment effective January 1, 2018.

Common forms of directly related and associated entertainment that are no longer deductible include business meals with clients or prospects, golf, football games, and similar business-building activities.

That’s the bad news.

The good news is that tax code Section 274(e) pretty much survived the entertainment...

Please reload

Blog

Archive
Please reload

Other Resources

Contact Us

Follow Us

©2019 FIRM1040. All Rights Reserved.

FIRM1040®

28 Valley Road
Montclair, NJ 07042


Phone: (973) 339-7773

Email: info@firm1040.com