Our goal for ‘MNMW Talks’ is to help provide up to date and interesting information about taxes, accounting, consulting, and litigation that will have you coming back for more.
Meals & Entertainment
July 11, 2019
If you own a business there are two significant changes to meals and entertainment that you need to be aware of when recording expenses. Previously, you could take a 50 percent deduction for entertainment such as taking a client to a sporting event, now entertainment expenses are no longer deductible. Meals have also had a significant change. For example, if you bring in meals for your team you previously could deduct 100 percent, now you are limited to a 50 percent deduction.
IRA Contributions
June 11, 2019
Did you know, if you are not covered by a retirement plan at work you have the ability to make IRA contributions to either a traditional or Roth IRA? You should plan to make this contribution before you file your 2019 tax return. The annual contribution limit is $6,000, or $7,000 if you are the age of 50 or older. Call into the firm for more information regarding IRA contributions.
Itemized Deductions
May 22, 2019
Did you know when you buy a car, a boat, or even a plane the sales tax associated with your purchase is deductible when you file your schedule A? Also, there have been some changes to the deductibility of the interest associated with your home equity line of credit.
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