Posts Tagged "Tax Deductions"


Most people are unaware that rental real estate gets more tax deduction benefits than almost any other investment. If you do not take full advantage of tax deduction benefits, it can actually mean the difference between having a loss or a profit from your rental investment property. Tax deductions are meaningless if you do not take advantage of them like you should. What are some of the top tax deductions? In no particular order of...

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In Notice 2018-76 issued in October 2018, the IRS states that client and prospect business meals continue as tax deductions under the Tax Cuts and Jobs Act. This is very good news indeed. Under this new IRS guidance, you may deduct 50 percent of your client and prospect business meals if: 1. the expense is an ordinary and necessary expense under Internal Revenue Code (IRC) Section 162(a) that is paid or incurred during the taxable...

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  Qualified medical expenses are deductible to the extent that they exceed 7.5% of your adjusted gross income (AGI) for 2018 and 2019. Starting 2020, the deductibility threshold increases to 10% of your AGI. AGI is the bottom number on the first page of your personal income tax return (Form 1040). What are Medical Expenses? Medical care expenses include payments for the diagnosis, cure, mitigation, treatment, or prevention of...

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Last week, someone approached me with this situation, “I closed my S corporation with the state in 2017. However, during 2018 I’ve had unexpected expenses from the defunct S corporation. I paid those expenses from personal funds. Where can I deduct those expenses? You should have seen his face when I told him that he was out of luck. Neither he nor the S corporation can deduct those expenses. No Deduction for the S Corporation...

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In December of 2017, the Tax Cuts and Jobs Act further extended the benefits of investing in real estate by introducing a new “qualified business income” (QBI) deduction under IRC Section 199A that further reduces net rental real estate income by up to 20%. We have received some inquiries about the impact of the new Section 199A on real estate properties with triple-net leases. Since the inception of Section 199A, experts have...

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