Category: taxes

The Tax Cuts and Jobs Act created a brand new, seemingly uncomplicated deduction called the Qualified Business Income deduction.  In theory, this new tax deduction should be a simple 20% deduction that business owners receive on their qualified business income. Assuming the business owner stays below the phase out threshold, they’ll get to enjoy theContinue reading QBI’s and How to Implement Them in Your Business →

It may have been said that someone can have too much “salt” in their diet and a restriction is the best medical step for recovery or prevention of diseases. However, in tax planning, a restriction on SALT is one of the biggest hits to taxpayers.  In tax planning, SALT actually refers to “State and LocalContinue reading Too Much SALT? Never in Tax Planning →

The State and Local Tax (SALT) deductions have a cap of $10,000. We want to teach you how to leverage both your C Corp and a land trust in order to beat that cap. Keep in mind, a “C Corporation” causes double taxation for business owners. Because of this, most people avoid it like theContinue reading Leveraging a C Corp and a Land Trust to Beat S.A.L.T →

Currently there are seven tax brackets ranging from 10% to 37%. The dollar amounts that define these brackets change depending on varying factors.  These factors include whether or not you are a single filer – or are you married? Filing jointly or separately? Are you the head of your household?  The brackets vary depending onContinue reading Tax Brackets →

It is so important to understand the ins-and-outs of tax codes. The tax code for The United States is known as a Progressive Tax Code. This means you’re taxed on the money you make at a certain rate based on the amount of money you make. Let’s talk about income tax. Income Tax is theContinue reading Tax Codes: The Fundamentals →

I want to talk to you about how cost segregation studies can help you in your business. But, before we get into this, I want to backtrack a bit. Let’s talk about depreciation.  Simply put, depreciation is the “useful life” of something. Just about everything can be depreciated: computers, furniture, cars, rental properties, and soContinue reading Cost Segregation Study →

The Tax Cuts and Jobs Act (TCJA), known as tax reform, made it more difficult for you to deduct your legal fees. The new tax reform law suspended your legal fees as 2 percent miscellaneous itemized deductions. This means you need to look for other ways to deduct legal fees, such as claiming them asContinue reading How to Deduct Legal Fees →

You can no longer receive a tax deduction for business entertainment and meal expenses, however, you get a 100% deduction on meals served at business presentations.  Why is this? Let’s consider a few examples: Example 1. Hudson, a network marketer, invites clients and prospects to an educational mixer. He does a one-hour presentation and thenContinue reading Tax Reform Beat-Up Entertainment →