The New ‘Qualified Business Income Deduction’ Varies Based On Your Business Type – Or Does It?

Two short weeks ago, we dissected perhaps the most widely-anticipated but least-understood aspect of the Tax Cuts and Jobs Act: the new deduction available to business owners. As a reminder, under the new law, after January 1, 2018, the owner of a: sole proprietorship reported directly on Schedule C rental activity reported directly on Schedule E S corporation, […]

IRS Ups Deduction vs. Depreciation to $2,500 for Computers, Phones

The Internal Revenue Service has increased the amount small businesses can expense versus depreciate on their taxes each year. It’s a change that should simplify record keeping and increase the amount of a capital investment you can write off in a year. Specifically, the federal agency has boosted the so-called “IRS safe harbor” limit businesses […]

IRS Ups Deduction vs. Depreciation to $2,500 for Computers, Phones

The Internal Revenue Service has increased the amount small businesses can expense versus depreciate on their taxes each year. It’s a change that should simplify record keeping and increase the amount of a capital investment you can write off in a year. Specifically, the federal agency has boosted the so-called “IRS safe harbor” limit businesses […]