Refresher Course on Deductibility & Accounting Related to Meals & Entertainment Deductions

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The Tax Cuts and Jobs Act (TCJA) made several changes to deductions for meal and entertainment expenses. I went through these changes in my blog of January 2018, explaining that many of the expenses that were either 100% or 50% deductible were changed to being only 50% or not deductible at all. The biggest change was that entertainment expenses would no longer be deductible at all.

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College bound, but hopefully not debt bound!!

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It’s that time again when the kids head off to school. I hear parents everywhere discussing the cost of college including tuition, books, room and board, not to mention transportation, clothing and entertainment. As these costs continue to escalate, it is more important than ever to plan for these expenses. One way that I know that can help is by setting up a college savings plan called a “529 plan” or qualified tuition program. The one that I am most familiar with is the Iowa College Savings Program that is especially beneficial to Iowa residents. Read More

SAVE $7,500?? Electric Vehicle Tax Credit Update

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I am looking for a new vehicle. I never really thought of an electric vehicle until I became a bit infatuated with a Tesla which, as I am sure you know, is an electric car. Being a CPA, I also knew about the tax credit of $7,500 for certain electric vehicles so that was enticing, also. Then I heard on the news that the credits for Tesla vehicles are being phased out and so I decided I needed to do some research on these credits. And here are my findings. Read More