No on likes to pay taxes. But the IRS is trying to make it easier by offering several different ways for taxpayers to pay their tax liability immediately, or arrange to pay their tax bill in installments. Taxpayers can pay online, by phone, or now with a smartphone and the IRS2Go app. Whatever method they choose, taxpayers […]
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The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same: C corporations are subject to double taxation. Double taxation occurs when corporate income […]
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What you need to know to file your 2018 return Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for […]
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The IRS has recently issued the final regulations on the qualified business income deduction (IRC section 199A) that was part of the Tax Cuts and Jobs Act (TCJA). A little background: The qualified business income deduction represents a deduction up to 20% of income from a domestic business operated as a sole proprietorship or through […]
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This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018. Actual costs vs. mileage […]
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