Many small businesses depend on access to financing in order to grow, but their financing options will vary. Heres what you need to know if youre exploring how to finance a business need. ? GETTING STARTED Before approaching any financing source, make sure you have your house in order, financially speaking. This means clearly detailing … Read more
The IRS issued a final ruling explaining how to qualify for a real estate income safe harbor to receive the Qualified Business Income (QBI) deduction. You will need to make this safe harbor determination annually. PAY NOW The alternative minimum tax (AMT), will see its exemption amount rise in 2020 to $72,900 and begin to … Read more
ADKF welcomes Hannah Nelson to our family as a Tax Staff Administrative Intern. Hannah attends the University of the Incarnate Word, UIW, and will receive her Bachelors in Accounting in May with plans to continue with her masters degree next fall! Her final goal is to sit for and pass the CPA exam. Hannah has … Read more
QUESTION: I made a major calculation error in favor of the IRS on last years tax return. Can I file an amended return? ANSWER: You can file an amended return for individual taxes if you make a mistake in either your favor or the IRSs up to three years after the filing date (with extensions) … Read more
Congress has recently made significant changes to retirement plan rules. Previously, traditional IRA contributions werent allowed once you turned 70 ½. Starting in 2020, the new rules allow an individual of any age to make contributions to a traditional IRA, if, he or she has compensation. The new law also increases the age required minimum … Read more
To help ensure you use every tax deduction youre legally entitled to, it is best to work with a knowledgeable tax professional. Here are five reasons this partnership can pay off, not only with this years taxes but possibly with future tax bills as well. 1. YOURE A NEWBIE. If youre new to the work … Read more
Congress passed last-minute legislation that might favorably affect your tax situation. Many beneficial tax breaks expired at the end of 2017. Recent legislation has retroactively extended over 30 tax provisions, generally through 2020. You might be able to apply some of these provisions to your already filed 2018 tax return. We can work with … Read more
179D is back! Congress recently extended the Section 179D Energy-Efficient Commercial Building Deduction through December 31, 2020, and retroactive for 2018 and 2019. It was previously effective for buildings placed in service through December 31, 2017. Since 2005, Section 179D has provided a tax incentive for the installation of energy-efficient components into commercial buildings with … Read more
If you own a sole proprietorship or a company and you file taxes on a calendar basis, you will want to take all of the deductions to which you are legally entitled. Here are a few: TAKE IT ALL If your business made a qualified large purchase in 2019 and has unpredictable annual income, you … Read more
With time left before the April filing deadline, it makes good financial sense to recheck for dont miss deductions and credits that can lower your tax bill. One caveat: You will have to choose between taking the standard deduction and itemizing individual deductions. BIG BREAKS One big break is the adoption tax credit, which is … Read more