Impact of Death, Retirement, and Disability on the 179 Deduction

What tax effect would death, retirement, or disability have on you or your business? Here’s an easy example to illustrate. Let’s say that in 2017, you purchased for business use a pickup truck with a gross vehicle weight rating greater than 6,000 pounds. Asserting that you use the pickup 100 percent for business, you expensed …

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Take Advantage of the 199A Deduction for 2019

If you operate your business as a pass-through entity, such as a proprietorship, partnership, or S corporation, the profits of that business can generate the Section 199A tax deduction. No-Problem Businesses You qualify for the Section 199A deduction—period, regardless of pass-through business type—when you have pass-through qualified business income (QBI), and 2019 Form 1040 taxable …

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Beware: IRS Error in Rental Property Deduction Publication

Here’s a heads-up on mortgage insurance. Personal Residence Mortgage Insurance The deduction for mortgage insurance on a qualified residence ended on December 31, 2017. But don’t give up on the deduction. The personal residence mortgage insurance deduction is part of what is called “tax extenders,” and it’s highly possible that lawmakers will reinstate the deduction …

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The Brains Behind Our Rebrand

We’re paying all of our attention to Medical Professionals You’ll notice we’ve made some big changes around here. We’re saying goodbye to Gallati Professional Services and coming back stronger as Cerebral Tax.  GPS has served us well over the past 5 years. It’s our family name. It means something personal to us. But we decided …

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