The Back to School Sales Tax Holiday is a great time to stock up on school supplies tax-free. In Missouri, the tax-free holiday starts at 12:01 a.m. on Friday, August 2nd and lasts through 11:59 p.m. on Sunday, August 4th.… Read More
The new business interest expense deduction is one of the Tax Cuts and Jobs Act (TCJA) changes that could have a significant effect on a business’s net income and increase a company’s tax liability.
About the Business Interest Expense Deduction… Read More
Many more taxpayers are now taking the standard deduction as a result of the Tax Cuts and Jobs Act. The increase in standard deduction coupled with changes to certain itemized deductions reduces the ability of taxpayers to itemize deductions. As… Read More
The Pease Limitation previously put a cap on how much wealthy individuals could claim for certain itemized deductions if their income was over a certain amount. The overall itemized deduction limit, or Pease Limitation, was suspended under the Tax Cuts… Read More
Professional gamblers and hobby gamblers are now on the same playing field in the eyes of the IRS. Under the Tax Cuts and Jobs Act (TCJA), changes were made to how expenses and losses are deducted against gambling winnings. Previously… Read More