Author Archives: pg

Business meal deductibility

Entertainment expenses are no longer deductible however meals are still 50% deductible (100% deductible when purchased from a restaurant) and are deductible when they are related to entertainment under certain circumstances. Meals are deductible under the following conditions: 1. The … Continue reading

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Bonus Depreciation at 100%!!!

One of the provisions of the tax law passed in December 2017 is the expansion of bonus depreciation to 100% for qualified property acquired after Sept. 27, 2017 and placed in service before Jan. 1, 2023. Before the new tax … Continue reading

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What’s all this?

This web page consists of tax tips that we have developed from our day-to-day dealing with tax issues. We hope that you find something of value. If you are looking for something specific, type it into the search box to … Continue reading

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Estate Planning

One of the best but sometimes least used estate planning technique is the annual gift tax exclusion. Under the provisions of this exclusion you may gift up to $13,000 per individual per year tax free (or $26,000 if married filing … Continue reading

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Domestic Help

Domestic Help If you employ domestic help and pay them over $1,000 during the year, the amount you pay them is subject to FICA and FUTA. Although you do not need to file payroll returns with the IRS quarterly, you … Continue reading

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Travel Expenses

If you go on a trip that is primarily for business, and the destination is within the US, the full cost of travel to and from the destination is deductible even though not all of your time was spent on … Continue reading

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Charitable Contributions

Charitable contributions of $250 or more are deductible only if there is written proof of the deduction from the organization receiving the donation. The written proof should be obtained at the time the donation is made.

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Prepayment of real estate taxes in 2017

Due to the limitation on the deduction for real estate and state and local income taxes (otherwise known as the SALT deduction) to $10,000 in 2018, people are thinking that they can prepay these taxes in 2017 while there is … Continue reading

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New Changes in Tax Laws

On December 20th new changes in tax laws were finalized and passed both houses in Congress. Be careful about relying on what you have read that is prior to this date, as there were a number of changes right up … Continue reading

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Partnership Tax Returns: Late Filing Penalties and Exceptions

The penalty for late filing of the partnership return is $195 per partner per month or part of a month for which the partnership information return is filed late, with the penalty capped at 12 months. The penalty is waived … Continue reading

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