by Pedro Gonzalez, CPA | Oct 25, 2018 | Tax, Tax Planning & Preparation
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...
by Pedro Gonzalez, CPA | Apr 12, 2018 | Business Planning, Tax Advantages, Tax Planning & Preparation
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...
by Pedro Gonzalez, CPA | Feb 15, 2018 | Real Estate, Tax Advantages
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...
by Pedro Gonzalez, CPA | Feb 8, 2018 | Business Planning, Tax, Tax Advantages, Tax Planning & Preparation
You likely have heard conflicting information on the deductibility of business meals with clients and prospects. I have spent time researching this issue, and my conclusion is that tax reform eliminated tax deductions for business meals with clients and...
by Pedro Gonzalez, CPA | Nov 17, 2017 | Entrepreneurship, General Business, Tax Planning & Preparation
Discover Four Benefits of the Safe Harbor Expensing Rules For 2018, you can elect the de-minimis safe harbor to expense assets costing $2,500 or less ($5,000 with audited financial statements or something similar). The term “safe harbor” means that the...