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Imagine this: your Schedule C business buys a home at the beach, uses it solely as an entertainment facility for business, pays off the mortgage, and deducts all the expenses. Next, say, 10 years later, without any tax consequence to you, you start using the beach home as your own. Is this possible? Yes. Are … Continue reading Entertainment Facilities after the TCJA Tax Reform
As a small-business owner, you probably incur work-related education expenses from time to time. You may even decide to pursue an advanced degree, such as a Master of Business Administration (MBA). You likely want your employees to be on a path of continuous improvement. There’s much to know about how such business deductions work for … Continue reading Claiming Business Deductions for Work-Related Education
For most small businesses and the self-employed, the 20 percent tax deduction from new tax code Section 199A is the most valuable tax deduction to come out of the Tax Cuts and Jobs Act tax reform. The Section 199A tax deduction is complicated, and many questions remain unanswered even after the IRS issued its proposed … Continue reading Seven Answers to Your Section 199A Questions
For quite some time I worked without a logo for my CPA firm. In 2005, I joined my father and we had our name on some makeshift letterhead and got by with only that for a couple of years. Around 10+ years ago, my client, Lalita with GuruKrew, came to me and told me that … Continue reading Building a Brand