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republican tax plan
simplicitymeals

The “Simplicity” of Meals & Entertainment

There have been numerous questions sent me about the deductions for meals and entertainment and for good reason. Something that was so simple was made incredibly complicated. Congress must not have a dictionary near them in order to define the word “simplicity.” Thus, I want to give you a comprehensive chart that will illustrate not...Read More
newplan

Tax Planning for the New Tax Law: Part 6

Tax Planning for the New Tax Law: Part 6 Now that the standard deduction is almost doubled to $12,000 per individual or $24,000 for those who are married filing joint returns, the ability to itemize deductions has been reduced. Itemization only benefits you if your itemized deductions (charity, mortgage interest, and up to $10,000 in...Read More
extenders

The Tax Extenders: Part 2

The Tax Extenders: Part 2 Mortgage insurance, and credit for non-business energy property. Prior to 2017, if you paid “mortgage insurance’ you could have treated it as home mortgage interest. This changed at the end of 2016 and wasn’t available in 2017. However, Congress has retroactively allowed this as interest in 2017. If you bought...Read More
extenders

The Tax Extenders: Part 1

Now that I have finished the tax planning series that dealt with the new tax law, I will begin a short series on the bipartisan law that includes some tax extenders for one year. I guess Congress keeps me busy with all of the new tax legislation. The Tax Extenders: Part 1 Exclusion for discharged...Read More
newplan

Tax Planning for the New Tax Law: Part 3

Tax Planning for the New Tax Law: Part 3 Fire all employees and hire robots. I am not kidding here. You probably thought that the new tax law was designed to create more jobs; however, this is not necessarily true. This was certainly President Trump’s promise. However, he didn’t finish the sentence. The full promise...Read More