A Guide to the Qualified Business Income Deduction
In 2017, there were major changes to tax law. The Tax Cuts and Jobs Act included reductions in tax rates for businesses and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions, and making it less beneficial to itemize deductions, limiting deductions for state and local income taxes and property taxes. With […]
Read MoreWhat You Can Deduct from IRS, State, and Local Taxes
When filing your taxes there are many ways to reduce your tax bill or ways to get yourself a bigger refund. This can happen using different credits and deductions that are available. This article will discuss different tax deductions that can be used on your tax return to reduce your taxable income. I will start […]
Read MoreWhen to Use Standard vs Itemized Deductions
When it comes to choosing between standard versus itemized deductions, it involves simple math and understanding which deduction works best for you. There are often mixed feelings when tax filing season arrives. For some individuals and businesses, the thought of filing a tax return isn’t so pleasant, especially when they’ve made quite a bit of […]
Read MoreTax Deductions for Truck Drivers
Understanding how you and your trucking business are taxed is one of the biggest challenges for any owner-operator and truck driver. Using good planning and record-keeping all year round, though, can help you avoid any headaches in April. This guide will shed some light on truck driver taxes, deductions, and more. How Much Tax Does […]
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