50% Deduction for Business Meals

The 2017 Tax Cuts and Jobs Act (TCJA) included a change to the meals and entertainment deduction and disallowed businesses to take the 50% for entertainment, amusement or recreation expenses.  Business are still allowed to take a 50% deduction on business meals though.   What qualifies as a business meal? In order to qualify as […]

Read More…

Charitable Contributions Through the Use of a Donor Advised Fund

A donor advised fund is a simple and potentially tax-advantageous way to donate to your favorite charities. The new tax law has effectively doubled the standard deduction, making it difficult for many individuals to capture any tax benefit to their charitable giving due to the new $10,000 cap on state and local taxes paid making […]

Read More…

Cash Method or Accrual Method?! And Why You Might Want to Consider a Change in Method of Accounting

One of the key takeaways from the Tax Cuts and Jobs Act passed in December of 2017, which took effect for 2018, was the threshold for requiring taxpayers to follow the accrual method of accounting. The threshold was increased from $5 million of gross receipts to $25 million. Now, businesses that average less than $25 […]

Read More…

Deducting Education Costs From Your Business

Are education costs adding any type of value to your business? If so, they may be fully deductible and can lower tax bills. When deciding whether or not certain education costs are deductible to your business, there is generally a two-part test: Do the education expenses maintain or improve required skills for that business industry? […]

Read More…