New tax laws for 2020

By David Fender

Overview of the SECURE Act and TCDTRA enacted on December 20, 2019.... more

· Business

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FAQs about New tax laws for 2020:

How many episodes does New tax laws for 2020 have?

The podcast currently has 95 episodes available.

New tax laws for 2020 episodes:

March 06, 2020 Tax Guidance for Small Business
Are You Self-Employed
Are You a Statutory Employee
Business Owned and Operated by Spouses
www.fender-tax.com

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8min
March 04, 2020 Business Income
Sole Proprietorships
Partnerships
Corporations
LLCs for Federal Tax Purposes
www.fender-tax.com

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6min
March 03, 2020 Resident and Nonresident Aliens
Nonresident Aliens
Resident Aliens
Green Card Test
Substantial Presence Test
Choosing Resident Alien Status
Dual-Status Tax Year

www.fender-tax.com

...more
11min
March 02, 2020 Stock Options
Statutory Stock Options
-- Incentive Stock Option
-- Employee Stock Purchase Plan
Nonstatutory Stock Options
-- Readily Determined Fair Market Value
-- Not Readily Determined Fair Market Value

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5min
March 01, 2020 Self-Employment Tax
You're self-employed for this purpose if you're a sole proprietor (including an independent contractor), a partner in a partnership (including a member of a multi-member limited liability company (LLC) that is treated as a partnership for federal tax purposes) or are otherwise in business for yourself. The term sole proprietor also includes the member of a single member LLC that's disregarded for federal income tax purposes and a member of a qualified joint venture. You usually must pay self-employment tax if you had net earnings from self-employment of $400 or more. Generally, the amount subject to self-employment tax is 92.35% of your net earnings from self-employment. You calculate net earnings by subtracting ordinary and necessary trade or business expenses from the gross income you derived from your trade or business. You can be liable for paying self-employment tax even if you currently receive social security benefits. The law sets a maximum amount of net earnings subject to the social security tax. This amount changes annually. All of your net earnings are subject to the Medicare tax.
Optional Methods
Church Employee
Self-Employment Tax Rate
Additional Medicare Tax
Reporting Self-Employment tax
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5min
February 29, 2020 Traders in Securities
Investors
Dealers
Traders
Mark-To-Market
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11min
February 28, 2020Canceled Debt -- Is It Taxable or Not?
Amounts that meet the requirements for any of the following exceptions aren't cancellation of debt income.
EXCEPTIONS to Cancellation of Debt Income:
Amounts canceled as gifts, bequests, devises, or inheritances

Certain qualified student loans canceled under the loan provisions that the loans would be canceled if you work for a certain period of time in certain professions for a broad class of employers

Certain other education loan repayment or loan forgiveness programs to help provide health services in certain areas.

Amounts of canceled debt that would be deductible if you, as a cash basis taxpayer, paid it

A qualified purchase price reduction given by the seller of property to the buyer

Any Pay-for-Performance Success Payments that reduce the principal balance of your home mortgage under the Home Affordable Modification Program

Amounts from student loans discharged on the account of death or total and permanent disability of the student.
Amounts that meet the requirements for any of the following exclusions aren't included in income, even though they're cancellation of debt income.
EXCLUSIONS from Gross Income:
Debt canceled in a Title 11 bankruptcy case

Debt canceled to the extent insolvent

Cancellation of qualified farm indebtedness

Cancellation of qualified real property business indebtedness

Cancellation of qualified principal residence indebtedness that is discharged subject to an arrangement that is entered into and evidenced in writing before January 1, 2021.

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9min
February 27, 2020Business Travel Expenses
Deductible travel expenses while away from home include, but aren't limited to, the costs of:
Travel by airplane, train, bus or car between your home and your business destination. (If you're provided with a ticket or you're riding free as a result of a frequent traveler or similar program, your cost is zero.)

Fares for taxis or other types of transportation between:
The airport or train station and your hotel,
The hotel and the work location of your customers or clients, your business meeting place, or your temporary work location.

Shipping of baggage, and sample or display material between your regular and temporary work locations.

Using your car while at your business destination. You can deduct actual expenses or the standard mileage rate, as well as business-related tolls and parking fees. If you rent a car, you can deduct only the business-use portion for the expenses.

Lodging and non-entertainment-related meals.

Dry cleaning and laundry.

Business calls while on your business trip. (This includes business communications by fax machine or other communication devices.)

Tips you pay for services related to any of these expenses.

Other similar ordinary and necessary expenses related to your business travel. (These expenses might include transportation to and from a business meal, public stenographer's fees, computer rental fees, and operating and maintaining a house trailer.)
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7min
February 26, 2020 10 Tax Benefits of C Corporations
Pass-Through Business Entities
Non-Pass-Through Business Entities
Tax Advantages of Corporations

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12min
February 25, 2020The 20% Pass-Through Tax Deduction for Business Owners
Under the Tax Cuts and Jobs Act, pass-through business entity owners can potentially deduct 20% of their business income.
1. You Must Have a Pass-Through Business
2. You Must Have Qualified Business Income
3. 20% Deduction for Taxable Income Below Annual Threshold
4. Deduction for Income Above Annual Threshold
you need to determine whether your business falls within one of the following service provider categories:
health (doctors, dentists, and other health fields)

law

accounting

actuarial science

performing arts

consulting

athletics

financial services

brokerage services (not including real estate or insurance brokers)

investing and investment management (not including property managers), or

trading and dealing in securities or commodities.

www.fender-tax.com
...more
12min

FAQs about New tax laws for 2020:

How many episodes does New tax laws for 2020 have?

The podcast currently has 95 episodes available.