Advice

President Donald Trump pledged that his tax law would kill off breaks and complex loopholes for the wealthy. Instead, the overhaul has ushered in a new generation of maneuvers that taxpayers can exploit before Dec. 31 to minimize next year’s bills. Some tactics capitalize on provisions in the law that provide benefits, such as a
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Tesla Inc. has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the third quarter of 2018, crossing the threshold that, according to the Internal Revenue Service, triggers a phase-out of the tax credit available for purchasers of new Tesla plug-in electric vehicles beginning Jan. 1. Qualifying vehicles by
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In a much-anticipated move, the California Department of Tax and Fee Administration announced last week that out-of-state retailers who sell above certain thresholds will have to start collecting California use taxes on their sales into the state, starting April 1, 2019. Since the landmark Supreme Court decision in South Dakota v. Wayfair last finding that
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The IRS will raise most 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. On Jan. 1, the rates for the use of a car (also vans, pickups or panel trucks) will be: 58 cents/mile driven for business use, up 3.5 cents
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You’ve probably been asked by your clients before: “Can I deduct my health insurance?” or, “How can I reimburse my employees for health insurance premiums without triggering tax consequences?” For small-business owners and sole proprietors, the most powerful and relevant options are Health Reimbursement Arrangements. There are two HRAs in particular that will be of
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Even if your clients didn’t owe money last tax season, it’s more important than ever for them to start planning for the upcoming tax season now due to tax reform changes. Here are tips for end-of-year planning to help maximize their refunds from Intuit senior tax analyst Mike D’Avolio. With reduced tax rates due to
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Maryland and Washington, D.C. officials unleashed a burst of subpoenas seeking financial records that would penetrate Donald Trump’s closely guarded trust and business and reveal whether the president is profiting off foreign governments. Among the investigative demands issued Tuesday to more than 30 business entities, competitors and government agencies is a request for state and
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Ryan LLC, a Dallas-based global firm that specializes in business taxes, is acquiring VAT Systems, a Paris-based provider of international value-added tax compliance and recovery services. The acquisition is expected to bolster Ryan’s presence in Europe. The firm recently announced a $317 million investment from private equity firm Onex Corporation (giving Ryan a value of
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House Republicans released a revised version Monday of their year-end tax package, putting special emphasis on tax relief for disaster victims, along with improvements to retirement and savings accounts, extensions on moratoriums to some taxes related to the Affordable Care Act, technical correction in the Tax Cuts and Jobs Act, and changes in the operation
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The tax season just ahead will be “1986 on steroids,” said Beanna Whitlock, a Canyon Lake, Texas-based tax professional and former director of IRS National Public Liaison. “Get some rest, and get ready for new clients!” Allan Boress, a central Florida-based CPA, said that in addition to dealing with the Tax Cuts and Jobs Act,
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