From 2018 to 2025, the Tax Cuts and Jobs Act is offering a 20 percent deduction on pass- through business income, with specific eligibility criteria. This deduction impacts the choice of entity. For i... ...more
Tax
April 16, 2024•1 min read
A well-drafted buy-sell agreement provides financial protection for you and your heirs. Ditto for the other co-owners and their heirs. The agreement can also help minimize income taxes and avoid estat... ...more
Tax
April 04, 2024•10 min read
Here’s the good news: Section 119 of our beloved Internal Revenue Code allows your business to provide free meals and/or lodging to employees on a tax-free basis in limited circumstances.“Tax-free” me... ...more
Tax
April 02, 2024•8 min read
For tax years 2018-2025, the Tax Cuts and Jobs Act (TCJA) tax reform gives you a valuable 20 percent deduction on your pass-through business income if you have the right business and the right taxable... ...more
Tax
April 01, 2024•6 min read
Here’s what you need to know about both kinds of accounts if you’re a young adult or if you have offspring in that category. That said, this article is targeted to the young adults of the world rathe... ...more
Tax
March 31, 2024•9 min read
To find your taxable income on your corporate or individual Form 1040, Schedule C, you follow an accounting method. Tax law recognizes and often allows the most common accounting methods for computing... ...more
Tax
March 20, 2024•1 min read
The Corporate Transparency Act (CTA) became effective on January 1, 2024. The law will create a massive government database containing the identities and contact information of defined small corporate... ...more
Tax
March 18, 2024•10 min read
The Tax Cuts and Jobs Act, enacted on January 1, 2018, introduced a plethora of changes, including the 199A deduction, which has become a hot topic among real estate investors. ...more
Tax
March 15, 2024•3 min read
If you hire a certified public accountant (CPA) or another tax professional to prepare your taxes, you’ll ordinarily rely on him or her to electronically file your return for you. What happens if the ... ...more
Tax
March 13, 2024•6 min read
If you are self-employed or operate a small corporation, it’s likely that you have not applied for your sick and family leave tax credits. If that’s the case, get your act together and file amended 20... ...more
Tax
March 11, 2024•2 min read
While it might seem like a complex web of numbers and terms, at its heart, bookkeeping is about telling the story of your business through its finances ...more
Tax
March 08, 2024•3 min read
Traditional spreadsheets, like those offered by Excel, have long been the go-to for many, but could be costing you too much time. ...more
Tax
March 06, 2024•4 min read
The savvy entrepreneur knows the importance of blending business with leisure, especially when it comes to travel ...more
Tax
March 01, 2024•3 min read
But here's a revelation that might just change your entire approach to this annual ordeal: the tax extension ...more
Tax
February 29, 2024•3 min read
Regular, thorough bank reconciliations are not just good practice; they're a critical component of strategic financial management. ...more
Tax
February 21, 2024•3 min read
Hobby Or Business? Matt addresses the critical challenge of distinguishing your venture as a legitimate business in the eyes of the IRS, rather than a hobby, to maximize tax benefits and avoid limitat... ...more
Tax
February 16, 2024•2 min read
Tax savings with your home office! Discover how remote work can boost your deductions and financial health. Dive in for key strategies! ...more
Tax
February 11, 2024•3 min read
We help Investors & Entrepreneurs pay less taxes.
© TrueBooks CPA All rights reserved.