Denise HueFeb 28, 20201 minNew 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 u...
Denise HueFeb 28, 20201 minOperating 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 facili...
Denise HueFeb 28, 20201 minClub 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 ...
Denise HueFeb 28, 20201 minEntertainment 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 is...
Denise HueFeb 28, 20201 minNet Operating Losses - 2019 UpdateMost taxpayers no longer have the option to carryback a net operating loss (NOL). They can only carry forward NOLs arising in tax years e...
Denise HueFeb 28, 20201 minStandard Mileage Allowance - 2019 and 2020Standard Mileage Allowance The 2020 and 2019 standard mileage rates for the use of a care, van, pickup or panel truck are as follows: You...
Denise HueFeb 28, 20201 minApplicable 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 propert...
Denise HueFeb 28, 20201 minBonus Depreciation - 2019 UpdateBonus depreciation is an additional first-year depreciation allowance equal to a set percentage of the adjusted basis of eligible propert...
Denise HueFeb 28, 20202 minFirst-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 ...
Denise HueFeb 28, 20203 minQualified Business Income Deduction - 2019 UpdateQualified Business Income Deduction If you are a sole proprietor or have an interest in a pass-through entity such as a partnership, limi...
Denise HueFeb 28, 20201 minBusiness Tax Rates - 2019C 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 w...
Denise HueFeb 28, 20202 minMaine Tax Changes for 2019Use tax (sales tax) reporting on Maine individual income tax returns. For tax years beginning on or after January 1, 2019, the calculati...
Denise HueFeb 28, 20201 minSocial Security Benefits (2019 Update)Social Security Retirement Age The retirement age for receiving full Social Security benefits is gradually increasing under current law t...
Denise HueFeb 28, 20201 minRoth 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 persona...
Denise HueFeb 28, 20201 minTraditional IRA Contributions The traditional IRA contribution limit is $6,000 for 2019 and 2020. This is the first increase since 2013! The traditional IRA contributi...
Denise HueFeb 28, 20201 minChild 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 at...
Denise HueFeb 28, 20202 minEducation Credits (2019 Update)American Opportunity Credit The American Opportunity credit limit-per student is $2,500. The credit phases out for higher income taxpayer...
Denise HueFeb 28, 20201 minThe 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 co...
Denise HueFeb 28, 20201 minIndividual 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 marke...