AVET CPA P.C.

Constant change.

"WHITE HOUSE WORKING ON SECOND TAX BILL
The Trump Administration plans to propose a second tax cut, possibly by the end of summer, which would make permanent the tax cuts for individuals passed in the Tax Cuts and Jobs Act (TCJA; P.L. 115-97, 12/22/2017). White House Director of Legislative Affairs Marc Short said during a May 25 conference call with reporters that his team has been working with House Ways and Means Committee Chairman Kevin Brady (R-TX) and the Senate Finance Committee on the proposal. Short declined to elaborate on what else the bill might contain. The individual tax cuts in the TCJA are set to expire at the end of 2025.

Should a bill materialize and gain approval in the House, the measure would face an uncertain future in the Senate where a tax bill would need 60 votes in order to pass. Republicans currently hold 51 seats in the upper chamber."

We have seen a few new clients whose previous CPAs missed this valuable tax election. Also, even though it's not required, our firm still recommends and accounting policy to back up the deduction for amounts up to $2,500 per invoice or item. We have a handy template you can use.

The Most Overlooked Tax Deduction by Real Estate Owners The IRS has provided real estate owners with a juicy tax deduction. The de minimis safe harbor election is an annual tax return election that permits a taxpayer to deduct, as ordinary and necessary business expenses, purchases of items that would normally...