deductions Archives - Wealth Builders CPA's

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Can Home-Office Tax Deductions Include Garage Space?

Weekly Tax Tips

Do you claim a tax deduction for a home office? Should you include or exclude your garage space in your calculations of business-use percentage? Home-office tax deductions require a look […]
New Stimulus Law Grants Eight Tax Breaks for 1040 Filers

Weekly Tax Tips

The new, massive stimulus bill enacted into law on December 27, 2020, contains eight new tax breaks designed to help the non-business taxpayer. None of these tax breaks are earthshaking […]
QBI Update: Impact of Negative QBI and Previously Suspended Losses

Weekly Tax Tips

For 2018-2025, you (and estates and trusts) can use your qualified business income (QBI) to create the 20 percent deduction under Section 199A. While federal income tax losses from business […]
Business Tax Breaks Thanks to the Recently Enacted CAA

Weekly Tax Tips

The Consolidated Appropriations Act (CAA) was signed into law on December 27, 2020. The legislation adds a few new federal income tax breaks for business and extends a bevy of […]
Tax Reform Looms…Take Advantage of Last Minute Savings

Weekly Tax Tips

With all of the talk of tax reform, many people feel “trapped”. They fear many of the deductions they have enjoyed in years past have been done away with; they’re […]