JMF Accounting Audit Tax Blog

/JMF Accounting Audit Tax Blog/

Seven Tax Moves for the Summer

Summer is a time for R&R, but also offers tax-saving opportunities for individuals and small business owners. Here are seven ways to reduce tax liability this summer. Host an employee gathering. Prior to 2018, your business could deduct 50% of the cost of qualified business entertainment expenses. But this deduction has generally been eliminated. Key [...]

Requirement to Restate Your Qualified Retirement Plan Document

If you are an employer who sponsors a qualified retirement plan, we want to remind you about the requirement to restate your plan document.  Many retirement plans that use plan documents preapproved by the Internal Revenue Service (IRS) must be restated periodically to reflect recent legislative and regulatory changes, in order to maintain their tax [...]

It’s time to implement the new lease standards

UPDATED March 22, 2022: Reminder that this must be implemented this financial reporting year i.e. it is effective for non-public companies (including not-for-profits) with fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022.   The Financial Accounting Standards (FASB) announced in January 2016 that new Accounting [...]

Counting on the QBI Deduction

The Tax Cuts and Jobs Act (TCJA) created a major new tax deduction for self-employed individuals and owners of pass-through entities like partnerships, S corporations and limited liability companies (LLCs). Effective for 2018 through 2025, the deduction for “qualified business income” (QBI) can be as high as 20%. However, these deductions are reduced or [...]

Six New Personal Tax Return Items

There are usually some new twists and turns to the current tax return rules for individuals, but this year is especially tricky due to recent legislation. Following are six potential items to watch out for on 2021 returns. 1 Charitable donations: Normally, you can deduct monetary contributions made to qualified charitable organizations only if you [...]

By |2022-03-07T18:48:51+00:00March 7th, 2022|Individual Tax, News & Events, Press Releases|0 Comments

The Rx for Medical Deductions

The tax threshold for deducting medical expenses is written in stone…finally. After several years in which the medical deduction threshold jumped back and forth between 7.5% of adjusted gross income (AGI) and 10% of AGI, Congress settled the issue once and for all in the Consolidated Appropriations Act (CAA). Effective as of 2021, the CAA [...]

By |2022-03-01T16:05:21+00:00March 6th, 2022|Individual Tax, News & Events, Press Releases|0 Comments

Adding up Tax Mileage for Charity

Do you travel in your vehicle on behalf of a qualified charitable organization? In lieu of keeping track of your actual expenses, you may use a standard mileage rate of 14 cents per mile, plus related tolls and parking fees, to arrive at the deduction. Unlike the IRS-approved standard mileage rates for business reasons, job-related [...]

By |2022-03-01T15:55:59+00:00March 1st, 2022|Individual Tax, News & Events, Press Releases|0 Comments