Tag Archives | TCJA

woman working from home office

Home Office Expenses Deduction Rules

We regularly get questions regarding the rules for deducting home office expenses. Since technology has made it easier to work from home, lots of people now commute each morning to an office down the hall in their home. However, just because you have a home office space doesn’t mean you can deduct expenses associated with […]

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construction hat and plans with words cost segregation study

What is a Cost Segregation Study?

Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a […]

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Sarah J. Fischer, CPA | Business Meals, Travel, Entertainment Expenses | Dalby Wendland & Co. | CPAs & Business Advisors | Colorado

Business Meals, Travel, and Entertainment Expenses

When owners, managers and salespeople attend trade shows, call on customers or evaluate suppliers, they may incur meal, travel and entertainment expenses. Many of these expenses may be deductible if they’re properly substantiated, but some of the rules have changed under the Tax Cuts and Jobs Act (TCJA). Entertainment Expenses No Longer Deductible Business “entertainment” […]

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reviewing business financials

Rules of Deducting Business Losses

Sole proprietorships and pass-through entity structures, which include partnerships, S corporations and certain limited liability companies (LLCs), provide owners with some valuable tax benefits, such as avoidance of double taxation and the potential ability to deduct losses from the business on their individual tax returns. However, the Tax Cuts and Jobs Act (TCJA) has placed […]

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Little Red Riding Hood and Big Bad Wolf | The big bad kiddie tax | Dalby Wendland & Co. | CPAs & Business Advisors | Grand Junction CO | Glenwood Springs CO | Montrose CO

The Kiddie Tax

The “kiddie tax” name sounds cute, but it is not what it may seem. Changes made by the Tax Cuts and Jobs Act (TCJA) makes the tax more serious and now, children with unearned income could wind up in a tax bracket higher than that of their parents. However, the TCJA also created new opportunities […]

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Jennifer Wright, Enrolled Agent | Rules of the Home Office Deduction | Dalby Wendland & Co. | CPAs | Business Advisors | Grand Junction CO | Glenwood Springs CO | Montrose CO

Rules of the Home Office Deduction

Working from home has its perks. You can skip the commute, wear comfy clothing, keep a more flexible schedule, and you might even save money on your tax return. The home office deduction can save you a bundle, if you meet the tax law qualifications. The home office deduction is available for homeowners and renters, […]

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Tax Cuts Jobs Act (TCJA) 2019 | Understanding the TCJA Limit on Interest Expense | Dalby Wendland & Co. | CPAs | Business Advisors | Grand Junction CO | Glenwood Springs CO | Montrose CO

Understanding the TCJA Limit on Interest Expense Deductions

The Tax Cuts and Jobs Act (TCJA) introduced a variety of tax benefits for businesses, including  slashing corporate income tax rates, temporarily reducing individual rates, and it established a new 20% deduction for certain pass-through income. However, the TCJA also placed limits on several tax breaks, including the amount for the interest expense deduction. Small […]

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business owner in car

Company Car Tax Implications

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefits of driving the cars!) Even better, recent […]

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