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The Tax Cuts and Jobs Act of 2017 (TCJA) has been lauded for reducing the U.S. corporate income tax rate from 35 percent to 21 percent. But the new tax law also takes away a long-enjoyed deduction: employee parking costs. Now, all employers—regardless of industry or entity type—may lose business tax deductions on parking provided to employees.
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As a rental property owner, it’s possible you could qualify for the 199A deduction—if you meet certain requirements. Your ability to qualify also depends on the facts and circumstances of your situation. Here are a few of the requirements rental property owners must meet in order to qualify.
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Many homeowners have at least thought about using renewable energy to power their home. If harnessing the power of the sun has been on your mind, now may be a good time to explore your options. Here’s why.
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Renewable energy has been attractive to business owners for years, both for its potential cost savings and marketability. In light of the Bipartisan Budget Act of 2018, powering your business with solar, wind, or geothermal energy will continue to be tax-advantageous.
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One of the changes ushered in by the Tax Cuts and Jobs Act (TCJA) was a provision that required exempt organizations to pay unrelated business income tax (UBIT) on the value of qualified transportation fringe benefits.
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If you’re saving for a child’s or grandchild’s college education, a Section 529 college savings plan offers a welcome break: investment income on these state-sponsored accounts is exempt from both federal and state taxes if it is used for qualifying higher education expenses, of course.
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Many of the tax perks brought about by the Tax Cuts and Jobs Act (TCJA) are now common knowledge. But despite the new law having been in effect for more than six months, one in particular has flown largely under the radar: Qualified Opportunity Funds.
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If you have tuned into the news or other media outlets in the last few weeks, you may have heard rumblings related to the U.S. Supreme Court’s recent ruling in South Dakota v. Wayfair. The Supreme Court’s decision will likely change the status quo surrounding sales tax, specifically as it relates to nexus, across the country. Here are a few things you should know about it.
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While most of the news media was busy covering the Tax Cuts and Jobs Act, the U.S. Supreme Court, on Jan. 12, 2018, quietly agreed to hear a case that could spur dramatic changes in nexus standards across the country.
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Since the new tax law passed late last year, I’ve fielded several questions from business owners wondering how it will affect them. Many of these inquiries relate to the 20 percent business deduction for pass-through entities.
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