As we enter year three of the qualified business income (QBI) era, if you have not yet taken steps to maximize your deduction under this tax law – the time is now. Over the past two years, we have seen… 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 20% Qualified Business Income (QBI) deduction was arguably the most complicated change taxpayers faced during the 2019 tax filing season. Coincidentally, it happened to be an area where we identified significant opportunities for clients to save tax dollars in… 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
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