The first and second post of this series on QBI deductions analyzed the purpose of the deduction and how it applies specifically to taxpayers below the lower threshold or above the higher threshold. This post addresses taxpayers that fall between the two thresholds. Taxpayers between the lower threshold ($157,500 for individuals or $315,000 for joint Read More »
The first post in this series on QBI deductions examined the purpose of the deduction, who can claim it, and how to calculate QBI deductions for taxpayers in a lower threshold. This post specifically addresses taxpayers with a taxable income above the higher threshold of $207,500, for individuals, or $415,000, for joint filers. If a Read More »
A new and important provision in the Tax Cut and Jobs Act (TCJA), enacted in December of 2017, is Section 199A, which allows deductions for qualified business income (QBI). This post is part one of a three-part series and addresses what QBI is, who may claim QBI deductions, how they may claim such deductions, and Read More »
The Tax Cuts and Jobs Act passed in 2017, and effective in 2018, provides businesses with a reduced tax rate, but also significantly alters the tax deductions businesses can claim. Some major categories of tax deductions that have been adjusted are meals, entertainment, and travel for either employees or clients. The changes are provided in Read More »
The saying used to go, “A man’s only as good as his word.” However, these days, according to banks and other lenders, A man is only as good as his credit. Whether it is applying for a home loan, car loan, personal loan, credit card, or even getting approved to rent an apartment. Your credit Read More »
Corporate Social Responsibility is a private business self-regulating model that helps a company to be accountable to itself, its stakeholders, and to the public. In essence, when a company adopts CSR policies and practices, its planning and decision-making reflect the potential impact of its corporate actions on various stakeholders and constituencies. Companies need to be Read More »
Let’s begin with, what are patents? Patents are a government-issued license that gives an inventor the exclusive ability, for a period of time, to make, use, or sell an invention of their creation. Usually, the inventor will submit a drawing and description of the invention that they intend to have patented. Once approved by the Read More »
Credit card surcharges, which are costs added simply for the privilege of using a credit card, are illegal in 10 states, including Florida. Florida Statute § 501.017 states, in part: “(1)…A seller or lessor in a sales or lease transaction may not impose a surcharge on the buyer or lessee for electing to use a Read More »
We’ll keep it short and simple this time. Every state has different regulations on DBA’s. For all intents and purposes, we’re just focusing on Florida for this blog. Florida state law requires a limited liability company (LLC) to operate under the legal name contained in their Articles of Organization. However, the legal name may not Read More »
When a person fails or neglects to pay income taxes owed, the likely consequences involve the Internal Revenue Service (IRS) placing a federal tax lien on the individual’s property. A federal tax lien is a claim that the United States government makes on the individual’s property where the government’s interest in the person’s property is Read More »