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Confused about Business Entertainment Deductions? New Rules May Help

Posted by Concannon Miller on Tue, Mar 10, 2020

The Tax Cuts and Jobs Act permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. For example, you can no longer deduct 50% of the cost of taking clients out for a round of golf.

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Topics: Business tax planning, 2017 Federal Tax Reform

C Corporations: How to Cash Out and Save Taxes

Posted by Concannon Miller on Tue, Jan 14, 2020

It's unclear how long today's taxpayer-friendly rate environment will last. C corporation shareholders may want to hedge their bets by taking proactive measures to minimize the overall tax hit on corporate income.

Here's a possible strategy that may allow owners to cash out corporate wealth at a relative low tax cost, while providing several other long-term tax benefits.

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Topics: Business tax planning, 2017 Federal Tax Reform

Rental Real Estate Owners Can Qualify for QBI Deduction

Posted by Concannon Miller on Thu, Jan 2, 2020

There’s good news for rental real estate owners regarding the fruitful Qualified Business Income Deduction.

The Tax Cuts and Jobs Act introduced a new deduction for individuals, estates and trusts that own interests in so-called "pass-through" business entities for 2018 through 2025. The deduction can equal up to 20% of an owner's share of qualified business income from an interest in one or more pass-through business entities. The QBI deduction is subject to limitations for higher-income owners, but it can be an important tax-saving break for many small business owners.

The eligibility rules for this deduction have been a source of confusion. Only income from a "business" counts as QBI — but the term "business" isn't defined in the statutory language that created the QBI deduction. So, there was a question about whether a rental real estate venture could be classified as a business for QBI deduction eligibility purposes.

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Topics: Business tax planning, 2017 Federal Tax Reform

Top Tax Reform Business Opportunity: Switching to a C Corp

Posted by Jane Spradlin on Tue, Nov 12, 2019

Did you feel like your taxes were minimized last year? If not, it’s possible you may have missed out on some opportunities.

Federal tax reform through the Tax Cuts and Jobs Act provided some of the best tax benefits to businesses in more than 50 years. The corporate tax rate was slashed from the graduated maximum of 35% to a flat 21%.

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Topics: Business tax planning, 2017 Federal Tax Reform

Top Tax Reform Business Opportunity: Accelerated Depreciation

Posted by Jane Spradlin on Tue, Oct 22, 2019

Did you feel like your taxes were minimized last year? If not, it’s possible you may have missed out on some opportunities.

Federal tax reform through the Tax Cuts and Jobs Act provided some of the best tax benefits to businesses in more than 50 years. The corporate tax rate was slashed from the graduated maximum of 35% to a flat 21%.

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Topics: Business tax planning, 2017 Federal Tax Reform

IRS Sweetens Bonus Depreciation Savings for Businesses

Posted by Concannon Miller on Thu, Oct 10, 2019

First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act set forth more-generous, but temporary, rules for 2018 through 2026.

Recent IRS guidance gives you additional flexibility to fine-tune the bonus depreciation break to suit your specific business and personal tax circumstances. Here's what you need to know.

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Topics: Business tax planning, 2017 Federal Tax Reform

Top Tax Reform Opportunity: Expanded Use of Cash Method Accounting

Posted by Jane Spradlin on Tue, Oct 8, 2019

Did you feel like your taxes were minimized last year? If not, it’s possible you may have missed out on some opportunities.

Federal tax reform through the Tax Cuts and Jobs Act provided some of the best tax benefits to businesses in more than 50 years. The corporate tax rate was slashed from the graduated maximum of 35% to a flat 21%.

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Topics: Business tax planning, 2017 Federal Tax Reform

Top Tax Reform Business Opportunity: Tax Entity Structure

Posted by Jane Spradlin on Thu, Sep 19, 2019

Did you feel like your taxes were minimized last year? If not, it’s possible you may have missed out on some opportunities.

Federal tax reform through the Tax Cuts and Jobs Act provided some of the best tax benefits to businesses in more than 50 years. The corporate tax rate was slashed from the graduated maximum of 35% to a flat 21%.

Read More

Topics: Business tax planning, 2017 Federal Tax Reform

Top Tax Reform Business Opportunity: The Qualified Business Income Deduction

Posted by Jane Spradlin on Thu, Sep 5, 2019

Did you feel like your taxes were minimized last year? If not, it’s possible you may have missed out on some opportunities.

Federal tax reform through the Tax Cuts and Jobs Act provided some of the best tax benefits to businesses in more than 50 years. The corporate tax rate was slashed from the graduated maximum of 35% to a flat 21%.

Read More

Topics: Business tax planning, 2017 Federal Tax Reform

The Must-Know Tax Reform Business Changes for McDonald’s Franchisees

Posted by Angel Chiariello on Tue, Sep 3, 2019

The largest tax change in a generation was made almost two years ago, but it’s still big news for small businesses. In fact, final regulations are still being written. As we prepare to head into fall, this is a good time to think strategically about your tax situation.

This article will highlight a couple of key business tax changes for McDonald’s franchisees, specifically depreciation changes and something new called the qualified business income deduction.

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Topics: McDonald's management, 2017 Federal Tax Reform

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