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IRS Issues Proposed Guidance on Complicated QBI Deduction Rules

December 26, 2018

How much do you know about computing the new qualified business income deduction — or who qualifies for it? The IRS has published detailed guidance to help owners of sole proprietorships and pass-through entities understand how this deduction works. Here are some key definitions and limitations that will be critical for many business owners to understand as they plan for the rest of the 2018 tax year.
 
 

 

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Overview of Real Estate Depreciation Changes

Real estate investors have reason to celebrate in the upcoming tax season: The Tax Cuts and Jobs Act significantly expanded the first-year tax breaks for bonus depreciation and Section 179 deductions. But Congress may need to fix one intended change before it can benefit investors. And there are some pitfalls to consider before taking advantage of first-year depreciation breaks for real estate.

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Small Business Reprieve on Health Premium Reimbursement Plans

Historically, companies that wanted their employees to be protected with health coverage, but didn't want the hassle of having a company health plan, could simply give employees an amount of money sufficient to reimburse them for the cost of buying that coverage or some portion of it. As long as the individuals provided evidence that they used those funds for that purpose, the dollars were excludable from taxable income for the employees.

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News & Events

Stay up-to-date with the latest news and events at Ross Hughes & Associates. Find out about our coming events from Luncheon-Rs, to seminars and learning events throughout the year.
 

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