Dear Clients and Colleagues,
As we wrote in our prior blogs, tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals.
If you have a topic of interest you would like to see us cover, feel free to reach out and let us know; we are always happy to hear your thoughts, ideas, and feedback.
“The purpose of a tax cut is to leave more money where it belongs: in the hands of the working men and working women who earned it in the first place.”
~ Bob Dole
This tax blog specifically deals with how the new tax law affects the rental of real estate as an activity.
On January 18, 2019, the IRS released the final regulations for section 199A via Notice 2019-7.
If you have not heard of section 199A by now, you most certainly will very soon. This new addition to the tax law will be around until December 31, 2025.
“The purpose of a tax cut is to leave more money where it belongs: in the hands of the working men and working women who earned it in the first place.” – Bob Dole
We’ve watched the campaign promises, the debates, the flurry of activity and our government in action. The biggest tax reform of our generation has just been passed into law. So what does that mean for you? Will you see more money in your pockets, or are the taxes going up for you next year?
“Thankfulness is the beginning of gratitude. Gratitude is the completion of thankfulness. Thankfulness may consist merely of words. Gratitude is shown in acts.” —Henri Frederic Amiel
Before we put you all to sleep with a lot of boring tax talk, let’s simply say that great things are about to come that will surely stimulate the economy in more ways than meets the eye at first glance.
“You must pay taxes. But there’s no law that says you gotta leave a tip.”
~ Morgan Stanley advertisement
“Those who cannot learn from history are doomed to repeat it.”
~ George Santayana
As promised, we are back, and talking about your favorite subject – how to succeed in any business from a financial perspective. No one said this would be easy, but believe me, a bit of work, some discipline, and you will have financially less stress to deal with in your business.
Here are some more suggestions for what you should put into the works in your business, as of yesterday. If you are not doing the following in your business, you are probably not going to meet your true potential and are doing yourself a disservice.
We all must suffer one of two things: the pain of discipline or the pain of regret and disappointment. What we must understand however is that regret and disappointment hurt far worse than discipline.
~ Jim Rohn
This is a tale of two barbers, one on our corner and one across the street. Both know their craft and do a magnificent job in cutting hair. One has been in business for many years, and the other opened shop more recently, but has also been in business for quite some time.
Great works are performed not by strength but by perseverance.
~ Samuel Johnson
This week we complete our series on the value-added tax planning services which are perfectly suited to do during the off-season months.
Fearlessness is the gateway to success. One should therefore shun all kinds of fear.
~ Rig Veda
Last time we covered a general list of activities your tax specialist does year round, and we promised you more detailed information on items that may be of interest to you. As always, please don’t hesitate to speak with us if you have any questions about your specific individual or business tax situation.
Now that the dreaded tax season is behind us, and the tax returns have been filed, most of us will try to avoid a visit to the CPA’s office. And what does happen during the tax superman”off” months? Does your accountant put away the calculator and head to the beach? The summertime is almost here, and we are ready to help you with off-season work.