Tag: deductions

New Tax Law Takes a Bite out of the Meals & Entertainment and Transportation Deductions

New Tax Law Takes a Bite out of the Meals & Entertainment and Transportation Deductions

Tax reform law commonly referred to as H.R. 1 Tax Cuts and Jobs Act of 2017 has changed the deductibility of certain meals, entertainment and transportation expenses. Prior to 2018, a taxpayer could deduct 50 percent of business meals and entertainment and 100 percent of meals provided through an in-house cafeteria or meals provided for the convenience of the employer (i.e., de…

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Section 199A Qualified Business Income Deduction

Section 199A Qualified Business Income Deduction

Section 199A deduction also known as the Qualified Business Income deduction arises from the Tax Cuts & Jobs Act of 2017. This is a significant tax break for small business owners but there are rules and limits of course. Section 199, without the A, is the section covering Domestic Production Activities Deduction. Section 199A is seemingly modeled after this (or…

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