TCJA Archives - BeachFleischman CPAs

If you run a business from home, you could qualify for home office deductions

February 23, 2021 March 1, 2021 Tax Department Tax Bites business owners, home office deductions, tax deductions, TCJA, working from home

Business owners may be able to save tax with home office deductions. If you’re working from home (like lots of people these days), you may qualify. Here’s a rundown of the rules.

Small businesses: Cash in on depreciation tax savers

December 7, 2020 April 15, 2021 Tax Department Tax Bites bonus depreciation, Section 179, tax savings, TCJA

Before Dec. 31, your business should buy any needed business assets and place them in service. That way, you can take advantage of the Section 179 deduction and bonus depreciation.

Tax Considerations: Claiming a Child After Divorce

November 3, 2020 November 4, 2020 Josephine Giordano and Teresa Judd Financial Forensics & Valuation custodial parent, divorce, EITC, tax implications, TCJA

Often in divorce, a court order stipulates which parent may claim a child or children on their taxes. This can also be used as a bargaining chip for either party when negotiating an agreement. But, what does the Internal Revenue Service (IRS) say about who can claim a child? While a local court may stipulate[ … ]

Back-to-school tax breaks on the books

September 1, 2020 September 22, 2020 Tax Department Tax Bites higher education, tax credits, TCJA, tuition

Back to school in the COVID-19 era may mean remote learning for your college student. But parents may be able to take advantage of one of these tax breaks for their education expenses.

Investing in Arizona’s Opportunity Zones

July 30, 2020 December 11, 2020 Eric Freeman Real Estate, Tax Bites investment, opportunity zones, Real Estate, TCJA

The opportunity zone fund provision that was included in the 2017 Tax Cuts and Jobs Act has created significant hype in the business community, especially within the real estate industry.

Seniors: Can you deduct Medicare premiums?

June 11, 2020 November 5, 2020 Tax Department Tax Bites medical expense deduction, medicare, TCJA

If you have medical expenses and you pay Medicare premiums, you know it can be expensive to get the coverage you want. But if you qualify, you can deduct the cost of premiums, along with other medical expenses, on your tax return. Here are the rules.

Can you deduct charitable gifts on your tax return?

January 22, 2020 November 24, 2020 Tax Department Tax Bites charitable deductions, charitable giving, tax deductions, TCJA

You may assume that if you make a charitable contribution to an eligible organization, you’ll receive a tax break for it. That may not be the case anymore. Here’s why.

The “kiddie tax” hurts families more than ever

July 31, 2019 Tax Department Tax Bites income tax, kiddie tax, TCJA

Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, it has gotten worse today. That’s because the Tax Cuts and Jobs Act (TCJA) made[ … ]

Volunteering for charity: Do you get a tax break?

July 15, 2019 Tax Department Tax Bites charity, deductions, TCJA, volunteering

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may[ … ]

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