tax deductions

Tax Deductions for Business Vehicles: Using Standard Mileage vs Actual Expenses

New business owners may be excited to learn that the IRS also allows them to deduct their annual business mileage as a business expense. However, they may be less prepared for the task of keeping accurate records of their business trips and educating themselves on the precise rules around what counts as business mileage. This […]

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Tax Deductions for Business Vehicles: Section 179 vs. Bonus Depreciation

When it comes to vehicle tax deductions, tax planners face a number of challenges—from keeping up with recent changes to the tax rules to educating your clients on the widespread misinformation about who is actually eligible for which deductions. Saving on taxes by using a car for business sounds convenient and appealing, but claiming the

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Conservation Easements Make the IRS Dirty Dozen Tax Scam List

The IRS has put conservation easements on its annual “Dirty Dozen” list which, says the IRS, “represents the worst of the worst tax scams.” The DOJ has also declared war on the misuse of conservation easements and is investigating some investors. How did a seemingly benign charitable tax deduction go so wrong? A Bit of

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Does my Rental Property Qualify for the New Section 199A Deduction Under Tax Reform?

How do you know if your rental property qualifies for the 20 percent  tax deduction under new tax code Section 199A? Just what we need–something else to learn along with all of the other tax code changes this year. Well, maybe not. There is a piece of good news: we won’t be required to learn

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Overcoming Limits to Tax Deductions for S Corporation or Partnership Losses

Understanding tax basis is key to maximizing tax deductions, especially for shareholders or partners involved in an S corporation or partnership. Tax basis refers to the amount that a taxpayer has invested in business assets, calculated by taking the purchase price and subtracting any accumulated depreciation. This value will determine the gain or loss when

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