Is Your Business an SSTB? (And Why Do You Care?)

QBI, 199A, SSTB—these are just a few of the new acronyms being tossed around as part of the recent business tax reform changes (like we don’t already have enough of them to remember!). Out of all the terminology, “SSTB” (Specified Service Trade or Business) seems to be

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The New 20% Small Business Deduction

There is a brand new 20% small business deduction that everyone is talking about. In the tax and legal professions, it’s fondly know at Section 199A. Here are some facts about this deduction: The Basics All pass-thru entities, such as Sole Proprietors, S-corporations and Partnerships that qualify

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Tax Changes Affecting Small Businesses

In 2018, the Tax Cuts and Jobs Act entered into effect. Though this act was primarily billed as helping large corporations, it also made changes relevant to small and mid-sized businesses. For small business owners, these tax law changes are best countered by planning ahead for the year

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Converting Your Home to a Rental

Sometimes there are economic reasons why people convert their personal residence to a rental.  Maybe they are not able to sell the home.  Or, their family has been downsized due to kids leaving or a divorce.  Or, maybe health or financial reasons will motivate this change.  First,

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Is Your Business Considered a Hobby by the IRS?

Very frequently tax preparers are asked to provide clarification on IRS rules that they heard from a friend, neighbor or colleague. Usually some part of the statement is true; however, there is always more to the story or it may not apply to that person’s specific situation.

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