Month: December 2019

Today the Supreme Court has ruled that states can force online retailers to collect sales tax. For those of you who have online business your state may now require you to collect sales tax and pay it to your state regardless of your physical presence in the state to which you are making the sale.

For those business owners who used their meal’s and entertainment deductions to generate potential business. Tax reform wiped out the 50% business entertainment deductions. You no longer deduct directly related or associated business entertainment. Common forms of directly related & associated entertainment that are no longer deductible include business meals with clients or prospects, golf,… Continue reading Businesses that entertainment deductions to generate potential business

Well it has been a while. There have been many changes to the tax code. One of which many clients have asked. Deduction of client and business meals. According to notice 2018-76.:a deduction for expenses with respect to entertainment, amusement, or recreation are disallowed. However, the Act does not specifically address the deductibility of expenses… Continue reading There have been many changes to the tax code

Happy Friday. A tip for those who trade in vehicles, being depreciated in their business, the trade-in value will now be taxed. This is due to the tax changes. It applies to the cars or trucks not specialized equipment used by the company.

2018 tax changes will affect us all. In 2018 there was a rise in scams. Remember the IRS will NEVER contact you firs by phone. They always send Registerd correspondence for all matters. 2019 should be the year for tax planning both business and personal. We thank all of your for your support and patronage.… Continue reading From us to you may the new year be a profitable year

Sorry for the long silence period. We are in the tax period which makes things a bit crazy. When going to your tax preparer have the tax organizer. This will make the tax preparation go allot faster.

In the past this could be deducted. The new rules omit this expense. Either before or after business discussions. Other deductions reduced from 100% expensed to 50% expense are: Employer convenience meals, office coffee/soda/snacks offered to employees.

The takeaway is: For bonus depreciation tax deduction, you can buy the vehicle you now lease and apply bonus depreciation. Before the TCJA, you could not do this. Section 179 expensing is ( as in prior years) no available on the purchase of the vehicle that you were leasing. So the new ( and only)… Continue reading Manner in which this was taxes has changed

They paid the highest price for the freedom we enjoy. To the men and women who serve today, we honor you and your families for the sacrifice you make every day. May we all pay our respect, show gratitude and honor them this and every day. Freedom isn’t free. Remember that America!