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New tax laws for 2020
By David FenderBusiness
New tax laws for 2020 episodes
- Business expenses ....continued
Rent expense
Rent
Unreasonable rent
Rent on your home
Rent paid in advance
Taxes on leased property
www.fender-tax.com
9 min - Business Expenses ....continued
Bonuses
Education Expenses
Fringe Benefits
Meals & Lodging
Transportation (commuting) benefits
Employee benefit programs
www.fender-tax.com
11 min - Business expenses continued...Employees' Pay
Employees' Pay
Tests for Deducting Pay
Test 1. It must be reasonable.
Test 2. It must be for services performed.
Kinds of Pay
www.fender-tax.com
9 min - 7 min
- Corporate Business Expenses continued
What Can I Deduct?
Cost of Goods Sold
Capital Expenses
Going into Business
www.fender-tax.com
9 min - 7 min
- Bad Debt Deduction
f someone owes you money that you can't collect, you may have a bad debt. For a discussion of what constitutes a valid debt, refer to Publication 550, Investment Income and Expenses (PDF) and Publication 535, Business Expenses. Generally, to deduct a bad debt, you must have previously included the amount in your income or loaned out your cash. If you're a cash method taxpayer (most individuals are), you generally can't take a bad debt deduction for unpaid salaries, wages, rents, fees, interests, dividends, and similar items. For a bad debt, you must show that at the time of the transaction you intended to make a loan and not a gift. If you lend money to a relative or friend with the understanding the relative or friend may not repay it, you must consider it as a gift and not as a loan, and you may not deduct it as a bad debt.
There are two kinds of bad debts – business and nonbusiness.
www.fender-tax.com
5 min - Coronavirus stimulus-package tax relief: Withdraw $100K from your IRA — and repay in 3 years with zero tax liability
Coronavirus-related distributions (CVDs) from IRAs are tax-favored
How do you qualify for CVDs?
www.fender-tax.com
8 min - Charitable Contributions continued
What is new.
Types of organizations
Contributions you can deduct
Contributions from which you benefit
www.fender-tax.com
10 min - Donor's Guide to Vehicle Donation
Before you give your vehicle to a charitable organization:
1. Check out the charity,
2. See if you will get a tax benefit,
3. Check the value of your vehicle,
4. See what your responsibilities are as a donor to a charity.
www.fender-tax.com
9 min
About New tax laws for 2020
From the publisher's feed
Overview of the SECURE Act and TCDTRA enacted on December 20, 2019.