Can you carry over your charitable contributions?

Do you make charitable contributions because you get a tax deduction, or do you make them because you believe in the mission of the nonprofit organization? Or is the real answer somewhere in between those two? Regardless of your answer, there may a time when your charitable contributions made in a tax year exceed the …

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2019 Tax season concerns, tax reform impact

In case you haven’t heard it enough, there have been a ton of changes in the tax world recently. With the Tax Cuts and Jobs Act (TCJA) of 2018 being the first major tax reform in over 30 years, there is an estimate of about 450 forms, publications and instructions that need to be revised …

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Get PHIT with Uncle Sam, deduct your gym membership

No, it’s not a cheesy exercise video. Thanks to a recent bill passed by the House Ways and Means Committee, taxpayers now have the option to shed a few pounds while also (potentially) shedding a bit of their tax liability. The new Personal Health Investment Today Act – PHIT – adds a variety of exercise …

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Own a sports team? That’s a deduction!

Are you tired of writing checks to the government every year at tax time? I mean hey, who enjoys that? Well, good news – if you’re looking for ways to reduce next year’s tax liability, you may want to check out buying a pro sports team. Granted, the barriers to entry are pretty high, but …

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Are roofing repair costs currently deductible? It depends

Are roofing repair costs currently deductible? For tax professionals, this question comes up frequently when we have discussions with clients regarding the tax deductibility of repairs and maintenance costs incurred in their business. “What do you mean I have to capitalize and depreciate over 27.5 years or 39 years for tax purposes” is often a …

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Do education expenses qualify as business expenses?

I recently ran across a court case (Czarnecki v. The United States) that addressed the deductibility of education expenses as business expenses. Czarnecki, an engineer, amended his 2010 tax return to deduct expenses related to the researching and writing of his doctorate thesis as ordinary and necessary business expenses. The resulting refund, however, was denied …

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Big changes to moving expenses deduction

As if moving and a career change aren’t stressful enough, the rules around deducting moving expenses have dramatically shifted beginning in 2018 with the passage of the Tax Cuts & Jobs Act (TCJA). Work-related moves for 2018 and beyond Relative to qualified expenses of a work-related move, starting in 2018, both the deduction for qualified …

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No more domestic production activities deduction?

By now you’ve heard so much about the Tax Cuts & Jobs Act (TCJA) of 2017 and probably don’t want to read a word more, BUT you should since it directly affects you personally as well as your business. Luckily, you have us here at Henry+Horne to help extinguish the headaches and uncertainties by keeping …

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Goodbye, alimony deduction – tax reform impact

The Tax Cut and Jobs Act of 2017 (TCJA) is repealing a 75-year-old deduction for alimony payments. The deduction was originally introduced in the Revenue Tax Act of 1942. When it became law, it required a “wife who [was] divorced or legally separated from her husband” to count the payments she had received as taxable …

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Charitable donations deduction limitation

As you know, there are potential tax benefits for your donations to qualifying charitable organizations, and the tax reform bill is not making any major changes to that. There is, however, one taxpayer-friendly adjustment in the tax bill regarding cash donations. When making donations to public charities, your allowable tax deduction is limited to a …

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