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Brian Whelan

Tax reform proceeds to possible summer enactment

Tax reform proceeds to possible summer enactment Lawmakers continue to debate comprehensive tax reform, aiming for a package to clear Congress and signed into law by the President before summer. At the same time a “mini” tax reform package in an Affordable Care Act (ACA) repeal and replacement plan appears to have stalled in Congress. […]

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Wayne Naegele

IRS Issues 2017 Inflation-Adjusted Vehicle Depreciation Dollar Limits

IRS Issues 2017 Inflation-Adjusted Vehicle Depreciation Dollar Limits The IRS has released the inflation-adjusted limitations on depreciation deductions for business-use passenger automobiles, light trucks, and vans first placed in service during calendar year 2017. All limitations are inflation-adjusted based upon October 2016 CPI amounts, with rounding conventions that account for almost all 2016 limits remaining […]

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Brian Whelan

Lack of contemporaneous written acknowledgement nixes donation

Lack of contemporaneous written acknowledgement nixes donation In a case that provides a lesson to anyone donating property to charity for which a deduction of more than $500 is claimed – get proof in writing and get it at the time you donate the property. After-the-fact substantiation, no matter have convincing, is not acceptable under […]

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Steve Grgas

How do I? Maximize start-up deductions for a new business

How do I? Maximize start-up deductions for a new business Starting a new business venture can prove exciting, but rather costly. There are certain tax advantages that can help alleviate some of the financial burden associated with entrepreneurship. A taxpayer may start a business by forming an entirely new business or acquiring an existing business. […]

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Brian Whelan

FAQ…What are miscellaneous itemized deductions?

FAQ…What are miscellaneous itemized deductions? Miscellaneous itemized deductions are certain nonbusiness expenses that individuals as taxpayers who otherwise itemize deductions may take against their taxable income. Such miscellaneous expenses are allowed only to the extent that they exceed 2-percent of a taxpayer’s adjusted gross income. Miscellaneous itemized deductions may also be limited by the overall […]

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