At GMG CPA we are here to help. The IRS released this comparison for business to help you understand the implications of the Tax Cuts and Jobs Act. We have posted the entire document here. If you would like to download a copy you can click this link:
The Internal Revenue Service issued guidance today on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA).
The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. That means taking a client to a ball game or a show is no longer considered a business expense.
The Internal Revenue Service and Department of the Treasury today announced their intent to issue regulations on three recent tax law changes affecting popular 529 education savings plans.
Notice 2018-58, addresses a change included in the 2015 Protecting Americans From Tax Hikes (PATH) Act, and two changes included in the 2017 Tax Cuts and Jobs Act (TCJA). Taxpayers, beneficiaries, and administrators of 529 and Achieving a Better Life Experience (ABLE) programs can rely on the rules described in this notice until the Treasury Department and IRS issue regulations clarifying these three changes.
Contribute to Retirement Plans Retirement plans allow you to build a tax-deferred nest egg while lowering your taxable income for the year. Max out your 401(k) and traditional IRA contributions if you can. The limits for a 401(k) are $18,000 plus an extra $6,000 catch-up contribution if you are over 50. IRA limits are $5,500 with a $1,000 catch-up contribution.
Doing a less than stellar job keeping track of your business finances? Maybe your New Year's resolutions should be to get your financial house in order. Here are some tips that help.
Review bank statements and credit card statements— These statements should always come to the business owner or card holder unopened. Review them thoroughly before passing them to the bookkeeper or other employee, thereby preventing unauthorized checks or credit card usage. These are the biggest losses within a small business.
If you, your spouse or a dependent are heading off to college in the fall, some of your costs may save you money at tax time. You may be able to claim a tax credit on your federal tax return. Here are some key IRS tips that you should know about education tax credits:
Our community is well known for giving and caring. Many of you have already donated to disaster relief and many may be planning to. It is a sad reality that cyber-criminals eagerly exploit tragic circumstances in order to take advantage of and steal from new targets. In the aftermath of Hurricane Harvey and Hurricane Irma, a number of new scams have cropped up, including: