Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return
While the Tax Cuts and Jobs Act reduces most income tax rates and expands some tax breaks, it may cause you to see these five itemized...
3 big TCJA changes affecting 2018 individual tax returns and beyond
When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you, besides the much-discussed tax...
When are LLC members subject to self-employment tax?
Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for...
Why you shouldn’t wait to file your 2018 income tax return
The IRS opened the 2018 income tax return filing season on Jan. 28. Consider filing as soon as you can, even if you typically don’t file...
Fundamental tax truths for C corporations
The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and...
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...
