Investment interest expense is still deductible, but that doesn’t necessarily mean you’ll benefit
Can the investment interest expense deduction save you tax on your 2018 return? It’s for interest on debt used to buy assets held for...
Depreciation-related breaks on business real estate: What you need to know when you file your 2018 r
Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the...
Restaurant owners, did your payroll company inform you of the new requirement for calculating Tipped
As of Jan. 1, 2019, Massachusetts employers with tipped employees are required to calculate tipped wages at the end of each shift. In the...
There’s still time to get substantiation for 2018 donations
To claim an itemized deduction for a donation of more than $250, generally you need a contemporaneous written acknowledgment from the...
Many tax-related limits affecting businesses increase for 2019
A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at...
What will your marginal income tax rate be?
Under the TCJA, unmarried taxpayers could see their taxes go up due to their filing status. To further eliminate the marriage “penalty,”...
Higher mileage rate may mean larger tax deductions for business miles in 2019
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by...
2 major tax law changes for individuals in 2019
Most TCJA provisions went into effect in 2018 and apply through 2025 or are permanent, but two major changes affect individuals beginning...
Is there still time to pay 2018 bonuses and deduct them on your 2018 return?
There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to pay...
A review of significant TCJA provisions impacting individual taxpayers
Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income taxes. But it’s smart to begin preparing for filing...
