I’ve discussed the new QBI (Qualified Business Income) regulations several times over the past few months. That’s the new classification that the Tax Cut & Jobs Act has provided to afford pass-through businesses the ability to shield 20% of their profits from income taxes.
I know you’ve grown tired of me reminding you that you need to log your business mileage to get the benefit of deducting the costs of your car. Unless your car use is like mine, this really is a necessity.
Continue reading From here to there
Some folks may consider this a case about tax havens, others about how companies manipulate expenses between domestic and overseas operations. Either way, it’s a big win for the IRS.
Continue reading Transfer Pricing Shenanigans
OK. You all know that we are now living under a new tax law (PL115-97, aka Tax Cuts and Jobs Act). One with a purported “much” higher standard deduction, which means fewer folks will be able to (or have to) itemize.
Continue reading Yeah. A Postcard.
I don’t know- maybe I should make this an annual letter.
I was reading the Washington Post and discovered that Unilever is changing its policy. It will no longer be using folks to promote their products, these so-called “influencers”. First, because these influencers often pay to have folks follow them, as such improving their rating as influencers. And, secondly, many of these folks get paid to write their “celebrity” endorsements.
I can’t believe how many people start businesses and don’t keep good records. That is the one way to have the IRS eat you for breakfast, lunch, AND dinner.
Continue reading 177 down. 188 to go.
Living in the DC Metro area, it is not unusual to see a bunch of folks working from home- or in my coffee shop. (Yes, I just switched allegiances after more than 20 years.)
Continue reading Telecommuting travails
Do you guys remember when I told you that some Blue States were going to create their own version of tax chicanery to deal with the GOP onslaught on their finances? (We are talking about that $10,000 maximum SALT – state and local taxes- deduction limit.)
Continue reading Blue State Revenge?
We have a slew of clients who have a tip jar. (Yes, these are coffee shops, by and large.) And, our practice has been to count the funds in the tip jar every hour, and divide those funds among each person working that hour equally. We then add those funds to the gross amounts which are subject to income and FICA taxes (and subtract the tips distributed as “cash advance”).
