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CAPITAL LEASE v TRUE LEASE
There are two kind of leases. Let’s say you “lease” a copier for three years. Sales tax is paid (per Florida lease rules) and at the end of the three years you can buy it for one dollar. That is called a CAPITAL LEASE. It is really just another form of financing. In that case…
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Mileage Deduction 2020
The 2020 standard mileage rate for business driving falls to 57.5¢ a mile. The mileage allowance for medical travel and military moves declines to 17¢ a mile in 2020. But the charitable driving rate stays put at 14¢ a mile. It’s fixed by law. […]Read More… from Mileage Deduction 2020
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Medical Device Tax – GONE as is Cadillac penalty
Two Obamacare excise taxes are gone for good: The 2.3% medical device tax and the 40% tax on employer-sponsored “Cadillac” health insurance plans. […]Read More… from Medical Device Tax – GONE as is Cadillac penalty
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RMD’s for 2020 (BIG CHANGE)
RMD (Required Minimum Distribution) Acknowledging that Americans are living and working longer, the SECURE Act increases the RMD age from 70½ to 72, applicable to distributions made after Dec. 31, 2019, for individuals who reach 70½ from Jan. 1, 2020 on. […]Read More… from RMD’s for 2020 (BIG CHANGE)
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Why does the 1040 reflect a different figure than the K-1?
Sometimes the loss on the K-1 is not totally deducted on the 1040 due to basis limitation…. And the unused basis limitation is carried forward in those computations. i.e. You put $10k into new business. The business has a loss of $12k on the first K-1 BUT the 1040 will only show up to…