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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The Basics of S-corps

There’s an old Morgan Stanley slogan that says “You must pay taxes. But there’s no law that says you’ve gotta leave a tip.” That’s a great attitude to keep in mind as we work through all of this material. Self Employment TaxesLet’s start with the problem we’re looking to solve, and that problem is too …

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