Very few people love bookkeeping. What a shame. However, if you do love bookkeeping then you should get out of your business and be a bookkeeper. Otherwise, get out of bookkeeping and focus on your business.
Section 179 Expensing – Who doesn’t want to deduct the full cost of their assets in the year of purchase? Almost no one. Section 179 expensing provides taxpayers with options. Who doesn’t like choices? The section 179 limitation has been increased to $1,000,000 for tax years beginning after 2017. Section 179 expensing has been expanded […]
The new alimony taxation rules don’t affect, nor will they affect alimony from pre-2019 divorce agreements. Therefore, there is no change for those either giving or receiving alimony currently. However, in any divorce commenced after December 31, 2018, the alimony payer can’t deduct it, and the alimony receiver will not have to report it as […]
Under the federal income tax rules for personal casualty loss itemized deductions, the uninsured loss must first be reduced by $100 and then reduced again by 10% of adjusted gross income (AGI). So, your loss is only deductible to the extent it exceeds 10% of AGI plus $100.
By owning the home you live in, you may be eligible for the following tax benefits: 1. Mortgage Interest Deduction You can deduct the interest you pay on your residential mortgage (debt up to $1 million, $500,000 for married filing separately) as an itemized deduction. The mortgage debt must be secured by a first or […]