Business Expense for Meals and Entertainment- Save Your Receipts

cedric mitchell mitchell2019-02-12T18:29:30+00:00October 19th, 2018|

WASHINGTON — 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 percent of the cost of […]

Deductions for Business Owners

cedric mitchell mitchell2019-02-12T22:30:08+00:00October 10th, 2018|

WASHINGTON — The Internal Revenue Service issued proposed regulations on August 08, 2018 for a new provision allowing deductions for many business 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 […]