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Accountable Plans Reduce Taxes on Home Office Expenses

Accountable Plans enable reimbursements for home-office expenses The days of employees deducting un-reimbursed business expenses on Form 2106 are gone as we noted in our post on the 2018 tax changes for personal deductions. If you have an Accountable Plan with your

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Posted in General Tax Tips & News, Small Business Accounting Tips

Home Office Tax Breaks Lost Under New Rules

New tax laws slash tax deductions for home offices The media gave lots of attention to how the Tax Cuts and Job Act (TCJA) changed corporate and personal tax rates. Few headlines focused on the significant changes TCJA made to

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Tax Strategies for Pass-Through Entities in 2018

Reducing Taxes for Small Business Owners The new tax reform legislation passed by Congress in Dec 2017 provides a special tax treatment for pass-through companies (subchapter S corporations, LLCs, partnerships, and sole proprietors). The IRS refers to these entities as

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Posted in General Tax Tips & News, Small Business Accounting Tips

You Can Deduct Job-Related Moving Expenses

Late summer and early fall can be a big season for moving. If you move this year to start a new job or if your job moved to a new location, you may be able to deduct moving expenses. You

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Claiming Elderly Parents as Dependents on Tax Returns

As our parents age, we often provide help. If you provide financial help to your parent, you may be able to deduct some of those expenses on your taxes. To claim an elderly relative, the supported-individual must meet several criteria.

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