Category Archives: Tax

Should I Have an HSA Account?

What is an HSA?       Health Savings Accounts, or HSA’s, are essentially personal bank accounts that can be used for medical expenses. Contributions are made tax free as well as withdrawals when they are made for qualified health expenses. People tend to use these accounts alongside their retirement plans to reduce their taxable income.

What is Cost Segregation?

What is Cost Segregation?            Cost Segregation is a tax deferral strategy for commercial real estate owners. It allows them to utilize accelerated depreciation deductions to create more cash flow. The aim of a cost segregation study is to identify the personal property components of a building that can be depreciated and

2021 Tax Return Due Dates and 2022 Tax Estimate Due Dates

Many times throughout the year our clients inquire as to when their tax returns are due or when their estimated tax payments are due. The chart below lists the 2021 filing dates and 2022 estimated tax payment dates for the returns that we frequently encounter. Find the pdf. for the table above here. If you

Meals & Entertainment Tax Deductions

tax deductions

Prior to 2017, Meals and Entertainment related expenses were typically 50% deductible. In 2017, the Tax Cuts and Jobs Act, what is known as the Trump Tax Laws, changed that.  In the image below we’ll walk through the new rules from 2018 through 2023: Prior to 2017 entertainment was 50% deductible. As you can see

What does pass-through entity tax mean for my small business?

pass-through entity tax

You may recall before the 2017 Tax Cut and Jobs Act, you were able to deduct your state and local taxes on your individual tax return. The 2017 Tax Cut and Jobs Act imposed a deduction limit of $10,000 of state and local taxes on your personal tax return. This has been referred to as

What do changes in depreciation rules mean for me in 2022-2023?

depreciation rules and changes

Most taxpayers have gotten very used to taking 100% bonus depreciation. Most of the time, people have been getting used to taking 100% bonus and writing off whatever they’re spending on capEx. This has been the case since the Tax Cuts and Jobs Act in 2017 – the Trump tax cuts. You may be thinking

Business Deductions for Meals and Entertainment Expenses

The Tax Cuts and Jobs Act (TCJA) imposed new limitations on business deductions for meals and entertainment expenses that were incurred or paid after December 31, 2017, the effective date of the applicable Tax Cuts and Jobs Act (TCJA) provisions. The Consolidated Appropriations Act of 2021 (CAA) allows a 100% deduction for certain business meal

Posted in Tax