Keith Boyer CPA's Blog

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

The new Trump tax law provides many benefits for businesses and taxpayers

Businesses Section 199A (Qualified Business Income Deduction) One of our favorite additions! When calculating the "Pass Through Deduction" if your taxable income (line 43 on your 1040) is less than $315,000 married filing joint or $157,500 for other filers you automatically get the 20% deduction of Qualified Business Income (QBI).Once your taxable ...
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Noticing sales tax being charged on your internet shopping?

Enactment of the Wayfair decision is coming to fruition as Congress had introduced a bill to phase in online sales tax collection, as per Accounting Today. Wayfair (South Dakota v. Wayfair) is the decision decided by the US Supreme Court giving states the ability to collect sales tax on internet sales although the vendor may not have a "brick and m...
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IRS Provides Tax Relief for Hurricane Florence Victims

The aftermath of Hurricane Florence has left many with no power, flooding, and devastating damage to homes and entire towns throughout the Carolina's. As victims work to recover from the damage, the IRS has granted those affected with an additional extension to file their tax returns and make certain tax payments. What are the terms & condition...
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President Trump is forgiving student loans indebtedness

STUDENT LOAN FORGIVENESS CHANGES UNDER PRESIDENT TRUMP: DO YOU QUALIFY? President Trump's Tax Cuts and Jobs Act implemented a number of changes, including alterations that affect student loan borrowers. Here's what you need to know about how the new act modifies student loan discharge: ​What Changes were made? As of January 1st, 2018, Death and Dis...
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