Planning to Maximize Your Section 199A Deduction

TCJA (Tax Cuts and Jobs Act) 2017 took away employee business expenses, along with much of our ability to itemize. In particular, we can now deduct mortgage interest on only $750k of debt and are limited to a deduction of $10k/yr. for SALT deductions. On a positive note, the Pease Limitation – which reduced itemized deductions for high earners, is gone along with AMT for most high-income taxpayers. Continue reading

199(A) Case Study #3 – Side Gig Effect

[This post is part of a multi-part series on the new 199(A) deduction.  Be sure and check out our blog during the second week of each month to see the next case study. If you are looking for the basics of what this deduction is, please check out this post.]

 Today’s case study is going to look at how the 199(A) deduction varies depending on the type of business being operated. Continue reading

How to Calculate Proper Paycheck Withholding

In this month’s video, I explained a couple of the goals when we complete a tax projection for clients.  For some taxpayers, a tax projection can have many moving parts making the assistance of a tax advisor essential.  For others, this process can be completed without outside help.  The main category of people that this would apply for is those with W-2 jobs.  To help those folks out, here is a step-by-step guide to calculating whether you have the proper paycheck withholding.  This is a good basic plan for anyone and can be tweaked for more complicated circumstances. Continue reading