So, it’s that time of year.
Tag Archives: 1065
The Ides of March are upon us
Monday will be the Ides of March. No, I am not referring to the Julius Caesar masterpiece by Shakespeare (or the history to which it refers). I refer to the due date for business tax returns.
This Workaround could kill the SALT limitation
The IRS has thrown in the towel.
But, I’m guessing that’s only because the 2020 elections have removed the hand on the scales of justice. After all, the TCJA (Tax Cut and Jobs Act [sic]) of 2017 was clearly formulated to poison the atmosphere in the Blue States. Because they provided services and better educational opportunities than do the Red States, which is why their state tax bills are higher. So, limiting state/local/property tax deductions to $ 10,000 was the GOP way of sticking it to the states where Democrats are in the majority. (Note further that these states are generally the more populous ones.)
Continue reading This Workaround could kill the SALT limitation
Partnership Heartaches?
Four million businesses should pay attention to this. That’s how many entities filed Form 1065, Partnership Tax Returns last year. About 70% of them are filed by Limited Liability Companies (LLC’s).
Decoration Day
I grew up hearing my grandfather call today “Decoration Day”. OK. Not today. Because before we decided to screw with our sacred holidays, it was always on the 30th of May. (That day would be Saturday this year.) Not the “If it’s Monday, we need a holiday” version we employ nowadays.
The Ides of April!
OK. Today’s the day.
And, from my point of view. I’m so pleased that this is the first time in a long time, that the holiday of Pesach (Passover) did not interfere with my ability to serve my clients’ needs. That’s right- Pesach won’t be here until Friday, so I could spend this past Sunday to Friday analyzing my clients’ needs and helping them pay the lowest amount of taxes required by law.
QBI
I’ve discussed the new QBI (Qualified Business Income) regulations several times over the past few months. That’s the new classification that the Tax Cut & Jobs Act has provided to afford pass-through businesses the ability to shield 20% of their profits from income taxes.
HR-1, Biz 1
We’ve seen what could be happening with our personal taxes. (Part 1 here; part 2 here. And, the preamble.) Now, let’s see what changes the House plans for US business taxation.
100% Deductible?
Running a business? Then, you know that money you spend for meals – or entertainment- that are business related are not fully deductible. Oh, sure, if you spend $ 100 wining and dining a client, your profits have been reduced by $ 100. Except that’s not how it appears on your Schedule C or Form 1120 or Form 1065. Because only 1/2 of that expense is deductible.
Uh-Oh.
No. I am not worried about the “unlucky” number 13 that is today’s secular date. (It is also Shushan Purim, 15 Adar.) I’m worried that many of you have forgotten that the rules have changed.