TCJA
It’s time to consider 2022 Minnesota PTE and Q1 estimated tax payments
Since the Tax Cut and Jobs Act was passed, there’s been a $10,000 limit on the deduction for state taxes paid by individuals on their federal returns. A growing number of states, including Minnesota, now offer workarounds to this personal state tax deduction limitation.
Read MoreDoes Your Service-Based Business Qualify for the Qualified Business Income Deduction?
Despite its more than two-year existence, the 199A deduction is still widely misunderstood. Much of the confusion surrounding it can be traced to this media-driven myth: service-based businesses do not qualify for the deduction. If you own a service-based business and have wondered about your eligibility, here’s what you should know.
Read MoreHow Updated Bonus Depreciation Rules Could Impact Your Manufacturing Business
One of the benefits of the Tax Cuts and Jobs Act (TCJA) was the extension of the 100% bonus depreciation rules. The updated rules excluded qualified improvement property from accelerated depreciation, essentially shutting businesses out of the benefit. Then came an unexpected silver lining.
Read MoreBusiness Interest Deduction Limitation: A Little-Known Tax Rule That Could Dramatically Impact Your Taxable Income
One rule that taxpayers are starting to feel the effect of is the “section 163(j) limitation,” also known as the business interest deduction limitation. Prior to the TCJA, this rule applied only to certain interest paid or accrued by corporations. However, things now have changed.
Read MoreDoes your Business Need to Worry About the ‘Parking Lot Tax’?
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.
Read MoreRental Property Owners: Don’t Miss These Tax Benefits
If you’re a rental property owner, you know the need to renovate and make improvements never ends. Thankfully, there’s a relatively new tax law on the books, courtesy of the Tax Cuts and Jobs Act, that gives owners of commercial rental properties a significant tax benefit when making certain building improvements or repairs.
Read MoreHow Manufacturers Can Utilize the R&D Tax Credit
Over the last two years, we’ve all heard about the Tax Cuts and Jobs Act and the business-friendly measures that came with it. But amid the shiny new perks of tax reform, there’s a tax credit that’s still one of the best ways for businesses—including manufacturers—to reduce their tax liability.
Read MoreHow Rental Property Owners Can Qualify for the 199A Deduction
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.
Read MoreContributing to a Section 529 Plan? Don’t Miss These Tax Savings
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.
Read MoreQualified Opportunity Funds: A Tax Perk You Don’t Want to Miss
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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