Following the passage of the 2017 Tax Cuts and Jobs Act, viral messages circulated on social media recommending that all sole proprietors and small businesses should incorporate to maximize their deductions....
In a previous article we reviewed the number of changes contained in the tax overhaul, and what that means for individuals and businesses. Many tax payers are wondering about the changes to allowable deductions. Whether you are an employee, a freelancer, or a solopreneur you’ll want to note some of these changes.
If You’re an Employee: Lost Deductions
Many employee-related miscellaneous deductions were eliminated with the stroke of the pen in new tax law. For tax year 2017, employees still have the option to deduct work-related expenses that added up to more than 2 percent of their gross income, if the employer...
If you are wondering where your business deductions stand, you are not alone. In fact, questions abound about everything from employee withholding to how to determine what “qualified income” is for your business.
Where to start? Most businesses are interested in the promised 20 percent tax reduction. Whether you operate your business as a sole proprietorship, partnership, or S corporation, your business can qualify for some, or all of the new 20 percent deduction.
You can also include income you receive on your real estate investments, real estate investment trusts (REITs), publicly traded partnerships, and qualified cooperatives.
How to Determine Qualified Income for...
What Business Owners Should Do Now to Make Filing Taxes as Easy as Possible
Tax season is over for most of us. At least the filing crunch. Unless you asked for an extension.
But is tax season ever over?
If you are a business owner or entrepreneur, the answer to that question is NO. One year rolls into another. When we do well, our profits increase and our expenses level out. Simple steps early in the tax year can save money on Tax Day.