The New 1040 Tax Form
While the new Form 1040 is smaller, the IRS has added six new numbered schedules that feed into this form. As a result, the new 1040 is in some…
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Beware, Your Interest Deduction May be Limited Under New Law
Prior to the Tax Cuts and Jobs Act, taxpayers could deduct interest on mortgage loans up to $1 million as long as the proceeds were used for the purchase of…
New Tax Implications of Trading in a Company Car
For decades, business vehicle trade-ins have been treated as like-kind exchanges. A like-kind exchange, also known as a 1031 exchange, allows business owners or investors to exchange like property for…
Is Your Side Business a Hobby or is it a Business?
For generations, people have had part-time businesses, and in today’s so-called gig economy, it’s even more common. But is your part-time business really a business, or is it a hobby?…
Impact of the New Internet Sales Tax Law on Florida Businesses
On June 21, 2018, the U.S. Supreme Court changed the sales tax landscape with its decision in South Dakota v. Wayfair. Prior to this decision, states were not allowed to…
What Can You Deduct on a Home Office?
As the gig economy grows and remote work become a bigger part of the US economy, more people are working from a home office. Deducting expenses for a home office…