Most of us engage in hobbies of some kind, whether it’s collecting Chinese restaurant menus or making birdhouses. At some point, your hobby may start earning you additional income. Later, if the time that you spend on your hobby increases,…
Congress enacted the Tax Cuts and Jobs Act (“TCJA”) in 2018, which created a five-year window for taxpayers to take 100% in first-year bonus depreciation on qualifying property. The Act allows you to deduct 100% in bonus depreciation for any…
IRS issues instructions related to § 199A qualified income business deduction. . . On September 24, 2019, the Internal Revenue Service issued instructions related to certain interests in rental real estate for purposes of the § 199A qualified income business…
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