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Casualty loss deductions: You can claim one only for a federally declared disaster

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted April 23, 2019 / No comments

Unforeseen disasters happen all the time and they may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act, eligible casualty loss victims could claim a deduction on their tax returns. But there are new restrictions that make these deductions much more difficult to take. What’s considered a casualty for

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How entrepreneurs must treat expenses on their tax returns

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted April 22, 2019 / No comments

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.

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Make a deductible IRA contribution for 2018. It’s not too late!

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted April 2, 2019 / No comments

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2018 tax year between now and the tax filing deadline and claim the write-off on your 2018 return. Or you can contribute to a Roth IRA and

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Blow the dust off your employee handbook

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted February 26, 2019 / No comments

Blow the dust off your employee handbook It’s probably safe to say that most employers have created some form of an employee handbook. But just because your organization has one, that doesn’t mean it’s functional. An outdated or poorly written handbook could harm your organization by misleading employees or sending mixed messages about your HR

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The home office deduction: Actual expenses vs. the simplified method

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted February 19, 2019 / No comments

The home office deduction: Actual expenses vs. the simplified method If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against your business income on your 2018 income tax return. There are now two methods

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3 big TCJA changes affecting 2018 individual tax returns and beyond

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted February 12, 2019 / No comments

3 big TCJA changes affecting 2018 individual tax returns and beyond When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes

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IRS provides QBI deduction guidance in the nick of time

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted February 1, 2019 / No comments

When President Trump signed into law the Tax Cuts and Jobs Act (TCJA) in December 2017, much was made of the dramatic cut in corporate tax rates. But the TCJA also includes a generous deduction for smaller businesses that operate as pass-through entities, with income that is “passed through” to owners and taxed as individual

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IRS provides QBI deduction guidance in the nick of time

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted January 29, 2019 / No comments

When President Trump signed into law the Tax Cuts and Jobs Act (TCJA) in December 2017, much was made of the dramatic cut in corporate tax rates. But the TCJA also includes a generous deduction for smaller businesses that operate as pass-through entities, with income that is “passed through” to owners and taxed as individual

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2019 tax calendar

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted January 28, 2019 / No comments

To help you make sure you don’t miss any important 2019 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for January 31

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Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted January 28, 2019 / No comments

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments. Some of these were enhanced by

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