Business Entertainment Expense Deduction Denied
This provision of The Tax Cuts and Jobs Act (TCJA) provides that no deduction is allowed with respect to (1) an activity generally considered to be entertainment, amusement or recreation,…
Child Tax Credit and a New Credit for Other Dependents
The Tax Cuts and Jobs Act (TCJA) eliminated the personal exemption amounts but offset the effect for taxpayers with children that qualify as dependents and a smaller credit for other…
2018 Auto Depreciation
For passenger automobiles used for business and placed in service after December 31, 2017 for which the additional first-year bonus depreciation deduction is not claimed, the maximum amount of allowable…
Itemized Deductions – Schedule A
Overall Limitations on Itemized Deductions - Repealed Through 2017 the total amount of most otherwise allowable itemized deductions (other than the deduction for medical expenses, investment interest, and casualty, theft…
Repeal of Itemized Deductions Subject to the Two-Percent Floor
Present Law Individuals may claim itemized deductions for certain miscellaneous expenses. Certain of these expenses are not deductible unless, in aggregate, they exceed two percent of the taxpayer’s adjusted gross…
Tax Cut & Jobs Act: Estate & Gift Tax Exemption Doubles
Caution: This explanation is general in nature and should not be used for specific planning. Contact a tax professional for your specific planning needs. The new tax act (Tax Cuts…
Tax Cut and Jobs Act – What You Need to Know About the New Tax Laws.*
We are beginning the New Year with a new tax law. This page will detail many of the changes that are important. Let's start with individual tax rates. In order…