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2019 Charitable Donations
Taxpayers aged 70 1/2 (and older) can make Donations of up to $100,000 DIRECTLY from an IRA to a 510(c)(3) charity. You don’t get your hands on the money… it goes DIRECT. This QCD (Qualified Charitable Distribution) is NOT TAXABLE but it DOES COUNT toward RMD (Required Minimum Distribution). […]Read More… from 2019 Charitable Donations
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NOL (Net Operating Loss) Changes for 2018
A net operating loss (NOL) is when business losses exceed income. Prior toJanuary 1, 2018, NOLs were able to offset 100% of taxable income. They were allowed to be carried back two years and carried forward for twenty years. You could affirmatively elect with a timely filed return to NOT carryback (the default) and instead…
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2018 Can Unreimbursed Employee Expenses be Deducted?
Can unreimbursed employee expenses be deducted? No, not for a W2 employee. Any of the 2017 expenses and years prior that were subject to a 2% of AGI limitation are no longer deductible. Yes, for independent contractors. Yes, for Statutory employees. The best example of a Statutory Employee is an outside insurance…
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2018 Unreimbursed Mileage – Unreimbursed expenses for W2 Employee
Assuming you are a W2 employee (not an independent contractor)….. There no longer is any deduction for unreimbursed employee expenses… GONE! That means, unfortunately, you have legitimate expenses you cannot deduct. In an ‘UNACCOUNTABLE’ plan (your allowance), it is suppose to be added to your W2 and taxed for both FICA and Federal Withholding. It is an…
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20% QBI Deduction (Qualified Business Income)
[…]Read More… from 20% QBI Deduction (Qualified Business Income)