Keith Boyer CPA's Blog

Topics and tips about accounting, taxes, business to personal finance and more!

Luxury Auto Depreciation under the TCJA (Tax Cut & Jobs Act)

​The Tax Cut & Jobs Act affords a much greater deduction for business use of automobiles than under the previous MACRS depreciation under the old law.  Basically for a vehicle used 100% for business the depreciation deduction is now $49,360 over 4 years, (including bonus depreciation) where as under MACRS the deduction was $21,185. That ta...
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The Home Office Deduction in 2018

Working from home has become commonplace. But just because you have a home office space doesn't mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction. Changes under the TCJA For employees, home office expenses are a miscellaneous itemized deduction. For 2017, this means you'...
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TCJA Tax Plans are Available

We've been analyzing the benefits and disadvantages under the new tax law. So far most are saving Federal tax dollars, specifically those whom have been paying alternative minimum tax in the past. Although the state and local income taxes and the real estate taxes are limited to $10,000 in total, these individuals lost the benefit of those deductio...
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Don't be a victim of tax identify theft: File your 2017 return early!

The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17). After all, why go through the hassle of filing your return earlier than you have to? But it can be a good...
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