New tax laws for 2020

David Fender

2.7 (3)
Business
Updated Daily

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

04/05/2020

Business expenses ....continued

Rent expense Rent Unreasonable rent Rent on your home Rent paid in advance Taxes on leased property www.fender-tax.com
04/04/2020

Business Expenses ....continued

Bonuses Education Expenses Fringe Benefits Meals & Lodging Transportation (commuting) benefits Employee benefit programs www.fender-tax.com
04/03/2020

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
04/03/2020

Business expenses continued

Improvements Capital vs Deductible Expenses www.fender-tax.com
04/02/2020

Corporate Business Expenses continued

What Can I Deduct? Cost of Goods Sold Capital Expenses Going into Business www.fender-tax.com
04/01/2020

Business Expenses

What is new for 2019 What is new for 2020 www.fender-tax.com
03/31/2020

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
03/29/2020

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

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

Creator

David Fender
Years Active

2020
Episodes

95
Rating

Clean
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© David Fender
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New tax laws for 2020