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individual income taxes

199A Deduction: Calculating Your Tax Savings

April 9, 2018 By Stephen Nelson CPA

199A deduction calculations step by step: A blog post

As you work on preparing your 2018 income tax return, you may wonder how much income tax the new Section 199A deduction saves you. This post, … [Read more...] about 199A Deduction: Calculating Your Tax Savings

Filed Under: business taxes, individual income taxes, real estate

Meals and Entertainment Deduction Rules for 2018 and Beyond

March 19, 2018 By Stephen Nelson CPA

Picture of business people having lunch of for meals and entertainment deduction rules for 2018 blog post

The meals and entertainment deduction rules for 2018 differ from those used in the past. If you’re a business owner or real estate investor, you … [Read more...] about Meals and Entertainment Deduction Rules for 2018 and Beyond

Filed Under: business taxes, Corporate taxation, individual income taxes, real estate

New Mortgage Interest Deduction Rules

February 19, 2018 By Stephen Nelson CPA

The new tax law changes the mortgage deduction rules.

The Tax Cuts and Jobs Act of 2017 creates new mortgage interest deduction rules. I’m going to briefly describe the new rules, therefore, so you can … [Read more...] about New Mortgage Interest Deduction Rules

Filed Under: individual income taxes, personal finance, real estate

S Corporation Shareholder Salaries and Section 199A Deduction

January 5, 2018 By Stephen Nelson CPA

Balancing S corp payroll tax savings against the Sec. 199A is tricky.

Starting in 2018, S corporations face a new complexity when setting shareholder-employee salaries. While setting a low salary saves payroll taxes, … [Read more...] about S Corporation Shareholder Salaries and Section 199A Deduction

Filed Under: business taxes, individual income taxes, Section 199A

Section 199A Deduction and Principal Asset Disqualification

December 27, 2017 By Stephen Nelson CPA

pass-thru entity deduction disqualification

Do you own a pass-through entity? You may already know the new tax law provides a gigantic new tax break. The Section 199A pass-through entity … [Read more...] about Section 199A Deduction and Principal Asset Disqualification

Filed Under: business taxes, individual income taxes

Business Education Deductions

July 3, 2017 By Stephen Nelson CPA

Picture of a man generating a business education deduction by reading a book under a tree

A couple of times recently, I’ve talked with taxpayers about their business education deductions. And they have questions. Some small business … [Read more...] about Business Education Deductions

Filed Under: business taxes, individual income taxes, management, Strategy

Tax Deduction Receipts

June 26, 2017 By Beth Nelson CPA

Picture of Huge stack of tax deduction receipts on a white background

Taxpayers always wonder about whether or not they can deduct expenses when they don't have a receipt. Generally, yes, you can... but you want to … [Read more...] about Tax Deduction Receipts

Filed Under: Bookkeeping, business taxes, individual income taxes

Real Estate Professional Loophole

June 19, 2017 By Stephen Nelson CPA

Picture of real estate professional audit occurring

Earlier this year, the tax court issued a decision about the real estate professional loophole. A dentist, one Dr. Zarrinnegar, had used the real … [Read more...] about Real Estate Professional Loophole

Filed Under: individual income taxes, personal finance

Paying Zero Income Taxes on Average Income

June 5, 2017 By Stephen Nelson CPA

Picture for pay zero income taxes on average income blog post

Last week, I blogged about how to pay zero federal income taxes on a $100,000 income. But that’s not very relevant to most readers. First, the U.S. … [Read more...] about Paying Zero Income Taxes on Average Income

Filed Under: individual income taxes, personal finance

Self-directed IRA Real Estate Investment Problems

May 15, 2017 By Stephen Nelson CPA

Picture of self-directed IRA real estate investment investor rolling rock up hill

In some popular online forums, participants regularly tout the idea of self-directed IRA real estate investment or self-directed 401(k) real estate … [Read more...] about Self-directed IRA Real Estate Investment Problems

Filed Under: individual income taxes, personal finance, retirement

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Featured Posts

Federal Reserve study suggests two wealth building insights

Wealth Building Insights from Latest Federal Reserve Study

The Federal Reserve's newest Survey of Consumer Finances provides at least a couple of big, actionable, wealth building insights. Ironically, much … [Read More...] about Wealth Building Insights from Latest Federal Reserve Study

If you got caught in an ERC scam, take these steps to reduce the damage

If You Got Conned in ERC Scam

You wondered at the time whether it was a scam, right? And now you regularly see news reports about ERC scams. Employee retention credit scams, that … [Read More...] about If You Got Conned in ERC Scam

EV credits make electric vehicles more affordable

How EV Credits Work

Do you plan on purchasing a new vehicle within the next ten years?  If the answer is yes, and good chance it is, you want to know how EV credits … [Read More...] about How EV Credits Work

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