Do’s and Don’ts for Business Expense Deductions
As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is through business expense deductions, but not…
Author: Damon Delcoro
Can You Claim Your Parent as a Dependent?
If you pay over half the cost of supporting a parent, your parent is considered your dependent for federal income tax purposes. This treatment potentially entitles you to some significant tax breaks. Here are four potential…
How Employer-Issued ISOs May Affect Your Taxes
Employer stock options are a potentially valuable asset for recipient employees, especially those who work for start-ups or high-growth companies. For example, many Silicon Valley millionaires reaped sizable windfalls by exercising their employer stock options. Here’s…
The SECURE 2.0 Act
The SECURE 2.0 Act, enacted late in 2022, creates new tax-saving opportunities for retirement savers — in some cases, with assistance from employers. Several provisions already kicked in during 2023, while others have made their debut…
Tax Breaks for Employer-Paid Education Expenses
Is your business struggling with a shortage of skilled workers in today’s tight labor market? One possible option is to invest in education programs to upskill your current employees. This strategy can help bridge the skills…
IRS Issues Proposed Regs On Business Interest Expense Deductions
In April 2018, the IRS released temporary guidance on the amended limit on deductions for business interest expense for tax years beginning in 2018. Taxpayers were allowed to rely on that guidance while waiting for…
What Do The 2019 Cost-Of-Living Adjustments Mean For You?
The IRS has announced its 2019 cost-of-living adjustments to tax items that might affect you. Many of the amounts increased to account for inflation, but some remained at 2018 levels. As you implement 2018 year-end…
Act Now To Cut Your 2018 Tax Bill
The Tax Cuts and Jobs Act (TCJA) created more than 100 new tax provisions — a staggering thought as you begin to prepare for the next filing season. The good news is that these and…
IRS Proposes Regulations For Opportunity Zone Tax Incentives
The Tax Cuts and Jobs Act (TCJA) includes a provision that Secretary of the Treasury Steven Mnuchin said should lead to $100 billion in capital investments in distressed areas. The provision allows taxpayers to defer…
Year-End Tax Planning For Businesses In The New Tax Environment
The passage of the Tax Cuts and Jobs Act (TCJA) in late 2017 brought significant changes to the tax landscape. As the first tax season under the law looms on the horizon, new year-end tax…