First, keep in mind that the “general rule” is that business owners must issue a Form 1099–MISC to each person to whom you have paid at least $600 in rents, services (including parts and materials), prizes and awards or other income payments. You don’t need to issue 1099s for payment made for personal purposes. A… Read More
The Internal Revenue Service issued proposed regulations for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The new deduction — referred to as the Section 199A deduction or the deduction for qualified business income — was created by the Tax… Read More
One of the greatest changes brought about by the Tax Cuts and Jobs Act (TCJA) is the elimination of many personal itemized deductions. Starting in 2018 and continuing through 2025, taxpayers will not be able to deduct expenses such as union dues, investment fees, or hobby expenses. However, gambling losses remain deductible. Personal Expenses that… Read More
The Internal Revenue Service issued guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. Taxpayers may continue to deduct 50 % of the cost of… Read More
Download the questionnaires you will need to prepare yourself for a productive tax appointment. We look forward to sitting with you and going over your documents and preparing the best tax return allowed by law. Remember we are limited to what you give to us, but we can certainly remind you of what you may… Read More
Many times we are asked, “how long do I keep my records”. I (Judy Gibbs, owner) have arrived at an answer to this question that I’d like to share. The common answer is to keep your records for 3-7 years. Less years if the tax return is basic and has no business deductions claimed. Up… Read More