New Employer Credit for Paid Family and Medical Leave
This general business credit is a percentage of the amount of wages paid to a qualifying employee while on family and medical leave for...
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Denise Hue
- Feb 28, 2020
- 1 min
Operating Costs of Entertainment Facilities Still Nondeductible.
The Tax Cuts and Jobs Act does not change the prior law rule disallowing a deduction for the expenses of maintaining and operating...
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Denise Hue
- Feb 28, 2020
- 1 min
Club Dues and Membership Fees Still Nondeductible
The Tax Cuts and Jobs Act does not change the prior law rule disallowing a deduction for dues or membership fees for country clubs, golf...
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Denise Hue
- Feb 28, 2020
- 1 min
Entertainment Expenses No Longer Deductible but IRS Clarifies Deduction of Meal Expense
Under the Tax Cuts and Jobs Act, a business expense deduction is no longer allowed for most entertainment expenses after 2017. The IRS...
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Denise Hue
- Feb 28, 2020
- 1 min
Net Operating Losses - 2019 Update
Most taxpayers no longer have the option to carryback a net operating loss (NOL). They can only carry forward NOLs arising in tax years...
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Denise Hue
- Feb 28, 2020
- 1 min
Standard Mileage Allowance - 2019 and 2020
Standard Mileage Allowance The 2020 and 2019 standard mileage rates for the use of a care, van, pickup or panel truck are as follows: You...
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Denise Hue
- Feb 28, 2020
- 1 min
Applicable Recovery Period for Real Property
The new law keeps the general recovery periods of 39 years for nonresidential real property and 27.5 years for residential rental...
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Denise Hue
- Feb 28, 2020
- 1 min
Bonus Depreciation - 2019 Update
Bonus depreciation is an additional first-year depreciation allowance equal to a set percentage of the adjusted basis of eligible...
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Denise Hue
- Feb 28, 2020
- 2 min
First-Year Expensing Deduction – Section 179 Expense
You may elect first-year expensing for tangible personal property bought for business use, such as machinery, equipment, or a car, truck...
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Denise Hue
- Feb 28, 2020
- 3 min
Qualified Business Income Deduction - 2019 Update
Qualified Business Income Deduction If you are a sole proprietor or have an interest in a pass-through entity such as a partnership,...
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Denise Hue
- Feb 28, 2020
- 1 min
Business Tax Rates - 2019
C Corporation Tax Rate The Tax Cuts and Jobs Act of 2017 changed the top corporate tax rate from 35% to one flat rate of 21%. This rate...
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Denise Hue
- Feb 28, 2020
- 2 min
Maine Tax Changes for 2019
Use tax (sales tax) reporting on Maine individual income tax returns. For tax years beginning on or after January 1, 2019, the...
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Denise Hue
- Feb 28, 2020
- 1 min
Social Security Benefits (2019 Update)
Social Security Retirement Age The retirement age for receiving full Social Security benefits is gradually increasing under current law...
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Denise Hue
- Feb 28, 2020
- 0 min
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Denise Hue
- Feb 28, 2020
- 1 min
Roth IRA Contributions (2019 Update)
You may make a nondeductible Roth IRA contribution, regardless of your age, for a year in which you have taxable compensation for...
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Denise Hue
- Feb 28, 2020
- 1 min
Traditional IRA Contributions
The traditional IRA contribution limit is $6,000 for 2019 and 2020. This is the first increase since 2013! The traditional IRA...
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Denise Hue
- Feb 28, 2020
- 1 min
Child Tax Credit
For 2018 through 2025, the Tax Cuts and Jobs Act doubles the amount of the child tax credit to $2,000 per qualifying child who has not...
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Denise Hue
- Feb 28, 2020
- 2 min
Education Credits (2019 Update)
American Opportunity Credit The American Opportunity credit limit-per student is $2,500. The credit phases out for higher income...
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Denise Hue
- Feb 28, 2020
- 1 min
The Retirement Savings Contributions Credit
You may be able to claim this saver’s credit if you make a traditional IRA or Roth IRA contribution for 2019 by April 15, 2020 or have...
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Denise Hue
- Feb 28, 2020
- 1 min
Individual Health Care Mandate and Premium Tax Credit
For 2019, the penalty for not having minimal essential health coverage has been repealed. The premium tax credit for taxpayers with...
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