April - 2019

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Tax Blog

Tax Blog

Tax Cuts and Jobs Act of 2017: New Qualified Business Income Deduction (Section 199A)

Tax Cuts and Jobs Act of 2017: New Qualified Business Income Deduction (Section 199A)

The Tax Cuts and Jobs Act (“TCJA”) covers many provisions that are important for business owners and tax professionals to understand. The Act applies to Corporations, S corporations, partnerships (including limited liability companies or LLCs), and sole proprietorships. The TCJA includes changes to deductions (such as the qualified business income (“QBI”) deduction), depreciation, expensing, credits, fringe benefits as well as several other items that may affect the bottom

Medical Expense Update

Medical Expense Update

In 2017 the Tax Cuts and Jobs Act was passed, with it brought substantial reform to several parts of tax regulation. One area that saw massive change was the temporary elimination or change of many itemized deductions. Part of these changes was the amount that was needed for individuals to take the medical expenses deduction. Medical deductions have long been a staple deduction for people that suffer from unreimbursed medical bills. Prior to the tax changes, the amount all

Tax Extension

Tax Extension

Taxes are due in less than a week, and while many people have already filed there remain the few who have not filed whether it be due to being ill-prepared or lack of information. Luckily, there exists the avenue of the tax extension which will grace people with a six month period to gather their information for filing. This begs the questions, why and how would someone file? There are several reasons someone might need an extension, maybe you’re out of the country, maybe yo

Business Structure, LLC

Business Structure, LLC

Keeping up with the series in past posts, we’ll continue to examine different types of business structures. Previously we have examined sole-proprietorships, partnerships, S-corporations, and now we will continue on with the ever popular LLC. LLC stands for limited liability company, and it is one of the newest business structures available. The LLC combines many favorable aspects of both corporations and pass-through entities. Many LLC’s take the ease of structure and ope

Taxes and the Trump Effect: Should You Be Worried?

This is the first year of filings under Trump’s new tax structure. You need to know what’s new, what’s the same and what you need to do to be best prepared for tax season. Financial expert Roman Basi provides insight on what business owners should be doing to achieve the best outcome at tax time and when it comes time to sell. Host: Cress V. Diglio Guests: Roman Basi, CPA/Attorney at Law/MBA/Managing Real Estate Broker/Registered Title Insurance Agent – ATG The Center for F

Business Structures, S-Corporations

Business Structures, S-Corporations

In the past week we have covered two of the most common forms of businesses entities within the United States, the sole-proprietorship and partnership. Continuing on our series on business structures and how they can effect business owners, this part will explore the concept of the subchapter S corporation. S-corporations are a sort of mix between your large business that may be a C-corporation and the small, closely held business. S-corporations are pass-through entities li

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