As year-end approaches, each business should consider the many opportunities that might be lost if year-end tax planning is not explored. A business may want to consider several general strategies, such as use of traditional timing techniques for delaying income recognition and accelerating deductions. A business should also consider customized strategies tailored to its particular [...]
Year-end 2018 sees the end of the first year of the Tax Cuts and Jobs Act (TCJA), the most significant tax legislation in the Unites States in more than 30 years. While one of the claimed benefits of tax reform was the simplification of filing and the lowering if income tax rates, there are still [...]
The enhanced child tax credit has been highlighted as one of the provisions of the Tax Cuts and Jobs Act designed to lower overall tax liability for middle-class families. The child tax credit is temporarily increased from $1,000 to $2,000 per qualifying child for tax years 2018 through 2025. As much as $1,400 of that [...]
Summary Cross References - Rev. Rul. 99-7 - Haag, T.C. Summary Opinion 2016-29 In general, the cost of commuting from home to a taxpayer’s job is a nondeductible personal expense. There are several exceptions to this rule: - The taxpayer commutes from home to a temporary work location (one expected to last one year or [...]
Cross References - IR-2016-123, The Internal Revenue Service and its Security Summit partners has issued an alert to taxpayers and tax professionals to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act. The IRS has received numerous reports around the country of scammers sending a [...]
QI am planning to open an online shopping business in the form of LLC in New Jersey. I heard that there is $800 minimum tax annually for NJ LLCs. And some people say there is no minimum tax. Are NJ LLCs subject to minimum income tax? If so, how much is it? A우선 혼자 운영하시는 LLC를 [...]
Denpendency Test You may be able to claim your parent as a dependent on your income tax return whether you are single or married. However, there are 5 tests you need to pass; Relationship – It satisfies this condition if the person you are claiming is your parent. Same rule applies to in-law parents and [...]
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