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EPGD Law Blog

Tag: Tax Law
Gift to Family
Tax Law
Alex Cruz

Can You Deduct the Costs of Gifts from Your Business Income?

Certain gifts made during the course of the year can be deducted from your business’s taxable income. Of course, the IRS provides several limitations and exceptions, such as a $25 maximum per recipient and exclusion of gifts which are branded with the giver’s name or logo.

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EPGD Tax Law
Tax Law
Alex Cruz

What is a Like-kind Exchange?

A like-kind exchange (also referred to as a 1031 exchange or Starker exchange) can help lower your current tax bill by deferring the tax due on the sale of your property.

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EPGD Law Tax Law
Tax Law
Eric Gros-Dubois

What Is an Agricultural Tax Exemption in Florida?

The Agricultural Tax Exemption is a property tax exemption that landowners may receive, if they can show that their land is being put to agricultural use. Different states define “agricultural use” in different ways. For example, Florida requires agricultural use to be bona fide. Fl. Stat. § 193.461. “Bona fide agricultural purpose” is defined as a “good faith commercial agricultural use of the land.” Fla. Stat. § 193.461(1)(b) (2009). Some states require the agricultural use to be for commercial purposes, and for some profits to be gained from the land.

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Business Law
Eric Gros-Dubois

Why is an LLC Important?

Today, many businesses are forming as a Limited Liability Company (LLC) and are finding that an LLC offers the “best of both worlds” of corporate forms.

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tax cut
Business Law
Eric Gros-Dubois

An Overview of Qualified Business Income (QBI) Deductions: Part Two; Taxpayers Above the Higher Taxable Income Threshold

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.

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tax law
Business Law
Eric Gros-Dubois

An Overview of Qualified Business Income (QBI) Deductions; Part One

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 how to calculate the deduction for taxpayers below the lower threshold.

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tax cut
Business Law
Eric Gros-Dubois

What are the Deductions for the new Tax Act?

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

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