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    Denise Hue
    • Feb 28, 2020
    • 1 min

    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...
    10 views0 comments
    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...
    10 views0 comments
    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...
    6 views0 comments
    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...
    6 views0 comments
    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...
    1 view0 comments
    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...
    1 view0 comments
    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...
    4 views0 comments
    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...
    2 views0 comments
    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...
    4 views0 comments
    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,...
    2 views0 comments
    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...
    3 views0 comments
    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...
    2 views0 comments
    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...
    1 view0 comments
    Denise Hue
    • Feb 28, 2020
    • 0 min

    Elective Retirement Plan Deferral Limits (2019 and 2020)

    0 views0 comments
    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...
    1 view0 comments
    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...
    2 views0 comments
    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...
    1 view0 comments
    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...
    0 views0 comments
    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...
    1 view0 comments
    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...
    0 views0 comments
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