I know many of you are wondering what the new tax law will do to your situation.
Well, the IRS finally (yes, during the furlough) has issued two sets of regulations that will make life much better for those of us who run companies.
The first change- we CAN deduct business meals when we meet with clients or prospects!!!!! (The law didn’t so say- but the IRS has given us a bonus!)
The second piece of information the IRS provided us is how the 20% Qualified Business Income will apply for things like real estate rentals.
Here is a nutshell is how the tax law currently operates.
If you want a more complete description of how the tax law have changed, you should be reading my book!
The IRS has issued regulations! During the furlough!
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Congratulations on your book! And how nice that business meals van be deducted. I already thought they could, but must have been mistaken.
When the law was issued in December 2017, the business meal deduction was thought to be dead. We were told to encode said meals so we could retrieve them, if the regulations would allow them- and now, they have.
That will be helpful to many. I’m currently working on our taxes, love this time of year, not. LOL
This, too, shall pass, Martha!
Sounds like I need to check out your book before I file my taxes!
Based upon one of your other questions about self-employment income, yes. It would help you understand how the landscape has changed when it comes to your business and personal taxes, Marcia.