The new tax law nearly doubles the standard deduction for taxpayers. Standard deductions are increased to $24,000 for married filing joint filers, $12,000 for single filers, and $18,000 for head of household filers. All personal exemptions are eliminated.   Most job-related moving expenses are no longer deductible. Employee business expenses, brokerage and IRA fees, tax […]

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THE GOOD. Minority interest in surgery center:The court allowed the taxpayer to report income earned through his minority interest in a surgery center as passive income not subject to the self-employment tax. Acting on his CPA‘s advice, the surgeon reported his income from the surgery center as passive income. This allowed the doctor to offset […]

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