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14Nov 18

New Business-Related Tax Rules for 2018

The business-related provisions in the TCJA are permanent and generally take effect beginning with 2018 tax years. For businesses, highlights of the new law include: (1) an increase in amounts…

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26Oct 17

“S” Corporation Taxation

An S corporation is taxed differently than an unincorporated proprietorship because the S corporation doesn’t incur self-employment tax. This is the tax on a proprietor’s profit that substitutes for payroll…

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19Oct 17

Personal Casualties Loss Calculations

There are rules that are unique to calculating the deduction for personal casualty losses. Basically, the actual loss is calculated as the lesser of: The difference in fair market value…

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