Tax Cuts and Jobs Act

Back to School – Tax tips for teachers as the new school year starts.

Wow, summer went by fast! Actually, it’s still “summer” and will be summer until Monday, September 23, 2019. And here in Texas, it’ll be summer well into October. But officially, summer break is ending for teachers and student. All the teachers I know start the new school year with excitement and engagement and then it […]

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How to calculate & make the 2nd Quarter Estimated Tax Payment due June 17, 2019

It’s early June and I bet you’re in one of two camps. Either you filed your Form 1040 by April 15, 2019 and don’t want to think about taxes until next January. Or, you extended your Form 1040 by April 15, 2019, and you don’t want to think about taxes until the extended deadline of

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New IRS Regulations & Guidance for the Section 199A Deduction

Well, for being shutdown and running on a skeleton crew, the IRS has been BUSY today and delivered the final tax regulations for the new Section 199A tax deduction for flow-through income on individual tax returns. This is the new Qualified Business Income Deduction for tax years beginning after December 31, 2017 that came into

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IRS waives some penalties on withholding and estimated tax payments

The IRS released information today that should come as a relief to taxpayers and tax preparers as we start work on our 2018 tax returns.  The IRS will be waiving the estimated tax penalty for taxpayers on their 2018 tax return who didn’t have enough withholding and estimated tax payments to cover their tax liabilities.

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Most business meals are still deductible, subject to the 50% limitation

If you’ve been following the tax journals or related social media accounts, you no doubt saw that the Tax Cuts & Jobs Act (“TCJA”) removed the deduction for business related entertainment expenses. There was a lot of concern that the meals portion of “Meals & Entertainment” expenses would also be denied because of some related

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The business owner’s October checklist

I love October. It’s the kick-off to the holiday season, there’s still enough time left in the year to make course corrections in my annual goals, and the world turns burnt orange. Business owners can use this time to evaluate where they are and what more they want to accomplish before the year is over.

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IRS issues proposed rules for charitable contributions made in exchange for state or local tax credits

The IRS issued proposed regulations on the tax treatment of charitable contributions made in exchange for state and local tax credits.  In other words, this is when you make a charitable contribution and your state or local taxing authority gives you a credit against your taxes.

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