Keith Boyer CPA's Blog

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

Let's Review: The Home Office Deduction in 2020

The coronavirus forced many corporations and small businesses to move non-essential employees to work from home indefinitely. Some companies like Google have extended its work-from-home policy through the end of 2020. Facebook has implemented a work-from-home policy forever. Likewise, self-employed workers might be using their homes more frequ...
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Is the new tax plan beneficial for businesses?

We are optimistic the changes forthcoming to the tax code will be positive for the business owner. Much talk in the press and even in accountants forums, is that the advantage for "flow throughs" (funny, every time I write "flow-throughs" spell check comes up), is limited by thresholds of $315,000, married filing jointly, and $157,500 for other filers, We believe, and I think the Wall Street Journal confirms this morning, that those limitations apply only to Selected Services Businesses, (SSBs) Specified Service Business defined as a trade or business where the principal asset of such trade or business is the reputation or skill of one or more of its employees. (Architects do not fall into this description). Therefore most "flow-throughs will get the benefit of a 20% reduction in taxable income resulting in a reduced rate of 29.6% (assuming the taxpayer is in the maximum tax bracket) on that income. This...
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