Does Net Rental Income Quality For the Section 199A Deduction
Does Net Rental Income Quality For The SECTION 199A Deduction? By David M. Fogel, EA, CPA, USTCP One of the changes made by the Tax Cuts and Jobs Act of 2017 (P.L. 115-97) was to introduce a new 20 percent deduction for qualified business income. The deduction is intended to benefit taxpayers who have net business income. One of the questions being debated in the tax preparer community... David M. Fogel, EA, CPA, USTCP
Womb For Rent
Tom and Cindy Jones are your long-time clients. Tom has an auto body repair business with three employees and files a Schedule C. Cindy is a part-time dental hygienist, receiving W-2 wages. They have two children, ages 12 and eight. Their Schedule A deductions are pretty standard: home mortgage interest, charitable contributions, property taxes, and so forth. In May 2016, Tom calls you and asks for assistance on an IRS aud... Ruth A. Rowlette, EA
The Adoption Tax Credit and Foster Care Adoptions
Do you have clients who are foster parents? Do you have clients who have adopted from the foster care system? If you have answered yes to either of these questions, you need to know about the Adoption Tax Credit. Many taxpayers who are adoptive parents have been told they do not qualify for the Adoption Tax Credit because they had no expenses. As tax professionals, we often hear our clients say, “My friend told me something different.” Wi... Becky Wilmoth, EA