Author: Jeremy Thompson
The new tax law does not eliminate the alternative minimum tax (AMT) for individuals, but there are changes that will reduce the number of taxpayers who are subject to it. First, the AMT exemption has been increased for tax years 2018-2025. The AMT exemption is similar to the standard deduction...
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The New Tax Act changed the rules on the deductibility of business meals and entertainment expenses. The New Tax Act disallows the deduction for an activity that is considered entertainment, amusement, or recreation (i.e. sporting event tickets, golf, hunting and fishing trips, etc…). Another change in this area is the...
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The IRS will audit hundreds of thousands of individual tax returns this year. Although that represents but a small percentage of all returns filed, this is little consolation if your return is among those selected for audit. But with proper preparation and planning, you should fare well. The purpose of...
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