Tax Cuts and Job Acts (TCJA) – DougFreemanCPA.com

Ways to manage the limit on the business interest expense deduction

(ATI) Adjusted Taxable Income, Business Deductions, Small Business, Small Business Owners, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense. The TCJA created Section 163(j), which generally limits deductions of business interest, with certain exceptions. If your business has significant interest expense, it’s important to understand the impact of the […]

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You don’t have to be in business to deduct certain vehicle expenses

AGI (Adjustable Gross Income), Charitable Mileage Deduction, Itemized Deduction, Medical Deductions, Self Employed, Tax Cuts and Job Acts (TCJA), Tax Deduction, Vehicle Expenses / Douglas Freeman

When you think about tax deductions for vehicle-related expenses, business driving may come to mind. However, businesses aren’t the only taxpayers that can deduct driving expenses on their returns. Individuals may also be able to deduct them in certain circumstances. Unfortunately, under current law, you may be unable to deduct as much as you could

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Is your home office a tax haven? Here are the rules for deductions

Federal Tax Deductions, Home Office Deduction, Remote Working, Self Employed, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

Working from home has become increasingly common. The U.S. Bureau of Labor Statistics (BLS) reports that about one out of five workers conducts business from home for pay. The numbers are even higher in certain occupational groups. About one in three people in management, professional and related occupations works from home. Your status matters If

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Cash or accrual accounting: What’s best for tax purposes?

Accounting, Accrual Method of Accounting, Cash Flow, Cash Method of Accounting, General Accepted Accounting Principles (GAAP), Small Business, Small Business Owners, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify. However, some businesses may be better off using the accrual method. Therefore, you need to evaluate the tax accounting method for your business to ensure

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The possible tax landscape for businesses in the future

Corporate Federal Income Tax Rate, Corporations, Partnerships, Past-Through Entities, Qualified Business Income Deducton (QBI), S Corporation, Small Business, Small Business Owners, Sole Proprietors, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire in about 17 months and how politicians in Washington would like to handle it. How we got here The Tax Cuts and

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What might be ahead as many tax provisions are scheduled to expire?

Corporate Tax Rates, Deductions, Federal Tax Deductions, Federal Taxes, Itemized Deduction, Past-Through Entities, Qualified Business Income Deducton (QBI), Tax Cuts and Job Acts (TCJA), Taxes 2024 / Douglas Freeman

Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions are set to expire on December 31, 2025. With this

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A company car is a valuable perk but don’t forget about taxes

Business Expenses, de mimimis Fringe Benefits, Employees, Federal Tax Deductions, Federal Taxes, Fringe Benefits For Employees, Tax Cuts and Job Acts (TCJA), Tax Deduction, Vechicle / Douglas Freeman

One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees driving the cars. (And of course, they enjoy the nontax benefit of using a company

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A cost segregation study may cut taxes and boost cash flow

Cash Flow, Cost Segregation Study, Depreciation, Depreciation Deduction (Section 179), Federal Taxes, Small Business, Small Business Tips, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. Depreciation basics. Business buildings generally have a 39-year depreciation period

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Casualty loss tax deductions may help disaster victims in certain cases

Casualty Losses on Property, Insurance, Personal Property loses, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But currently, there

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