Tax Deductions

Home/Tax Deductions

Expanded Section 179 Rules for Commercial Rental Properties

In general, real property and improvements to real property are depreciated over either 27.5 years (residential property) or 39 years (commercial property).  In the past, major improvements such as HVAC replacements and roofs were caught by this rule. However, the tax law that went into effect in 2018 expanded the depreciation rules for non [...]

Expanded Section 179 Rules for Commercial Rental Properties2020-02-23T23:15:40+00:00

Tax Rules for Deducting Personal Casualty Losses

We have received several questions from South Carolina clients about whether they may claim a deduction for personal losses attributable to Hurricane Dorian in 2019.  The short answer is no.  For tax year 2019, personal casualty losses (for example: losses due to damage from a hurricane) are deductible only if attributable to a federally-declared [...]

Tax Rules for Deducting Personal Casualty Losses2020-01-18T12:31:42+00:00

Updated Rules: Deductible Business & Other Expenses

Taxpayers using optional standard mileage rates in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes should be aware of an updated set of rules. The updated rules reflect changes to certain deductible expenses resulting from the Tax Cuts and Jobs Act (TCJA). Also updated, are tax [...]

Updated Rules: Deductible Business & Other Expenses2019-12-28T21:49:46+00:00

Tax Benefits of Health Savings Accounts

While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no "use it or lose it"), tax-free interest on earnings, and when used for qualified medical expenses, tax-free distributions. [...]

Tax Benefits of Health Savings Accounts2019-12-28T21:49:07+00:00

Individual Taxpayers: Recap for 2019

As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2019. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction for married couples filing a joint return in 2019 is $24,400. For [...]

Individual Taxpayers: Recap for 20192019-12-28T21:46:17+00:00

Business Expense Deductions for Meals, Entertainment

As the end of the year approaches, taxpayers should be reminded that business expense deduction for meals and entertainment have changed due to tax law changes in the Tax Cuts and Jobs Act (TCJA) of 2017. Until proposed regulations clarifying when business meal expenses are deductible and what constitutes entertainment are in effect, taxpayers [...]

Business Expense Deductions for Meals, Entertainment2019-12-28T21:43:01+00:00

The Home Office Tax Deduction for Small Business

If you're a small business owner who uses your home for business you may be eligible to claim the home office deduction, which allows you to deduct certain home expenses on your tax return. The benefit to this, of course, is that it can reduce the amount of your taxable income. Here are seven [...]

The Home Office Tax Deduction for Small Business2019-12-28T21:19:22+00:00

Tax Deductions for Teachers and Educators

Educators can take advantage of tax deductions for qualified out-of-pocket expenses related to their profession such as classroom supplies, training, and travel. As such, as the new school year begins, teachers, administrators, and aides should remember to keep track of education-related expenses that could help reduce the amount of tax owed next spring. Prior [...]

Tax Deductions for Teachers and Educators2019-12-28T21:01:21+00:00

Tax Reform Reminder: Changes to Itemized Deductions

Under tax reform, many tax laws changed, including those affecting itemized deductions. While many people no longer need to itemize due to the nearly doubling of the standard deduction, certain taxpayers whose total deductions exceed the standard deduction may still want to consider itemizing. As a reminder, here is quick summary of how tax [...]

Tax Reform Reminder: Changes to Itemized Deductions2019-12-28T20:58:08+00:00

Special Tax Breaks for Members of the Armed Forces

Active members of the U.S. Armed Forces should be aware that there are special tax benefits available to them such as not having to pay taxes on some types of income or more time to file and pay their federal taxes. If you're an active member of the armed forces, here's what you should [...]

Special Tax Breaks for Members of the Armed Forces2019-12-28T20:55:38+00:00
Go to Top