How did the new tax law, TCJA, changed the Capital Gains Rates and the Kiddie Tax? New Brackets! The Tax Cuts and Jobs Act did not directly change the tax rate on capital gains: they remain at 0, 10, 15 and…
More information than you ever wanted about Depreciation: Section 179, Bonus Depreciation and Qualified Improvement Property. Final regulations dealing with the 100 percent bonus depreciation allowance for qualified property acquired and placed in service after September 27, 2017, allow…
Is your business considered an SSTB? See a discussion about the new TCJA 20% Qualified Business Income Deduction. Republicans’ 2017 overhaul of the tax code created a new 20-percent deduction of qualified business income (QBI), subject to certain limitations,…
Are you reporting your Cryptocurrency Transactions? IRS views Cryptocurrency as an Investment. The IRS has released cryptocurrency guidance and frequently asked questions (FAQs) on virtual currency. Under the cryptocurrency guidance: a taxpayer does not have gross income from a…
30 key tax deductions are set to expire unless congress acts to pass the Tax Extender Bill. Deductions like Mortgage Insurance Premiums, Qualified College Tuition, Lower Medical Expense Floor and some Renewable Energy Credits are set to expire. Hopes…