• Call: 479.478.9166

  • Text: 479.462.4948

1611 S. Greenwood Avenue, Fort Smith, AR 72901

Personal & Business Taxes


• No age limit to IRA contribution, as long as you have earned income. You can also do a “catch up” contribution.
• 529 Educational Savings Plan: withdrawals can be used for “trade school” such as plumbers, electricians, welding school, or any certified apprenticeship program.
• Medical expense 7.5% AGI floor (instead of 10%)


  • Business loss: Schedule C or K-1 flow-through, limit: max allowed in one year 500,000 MFJ; 250,000 single. (IRC Sec 461(1). Remainder of loss CF at 80% NOL.
  • Business incentive provisions and energy incentive provisions for improvements
  • Qualified Business Deduction: “Self-Rental” is a trade or business except with a                             C corporation or a specified service business. (A real estate professional qualifies already as a trade or business. Triple Net lease property does qualify for the QBI adjustment. (You must have regular activity with the property.)
NEWS FLASH FOR 2020: Thanks to the new federal stimulus law, 401K participants required to take a Required Minimum Distribution for 2020 can skip it altogether without penalty, with no need to make it up in 2021.
Source: Kiplinger Tax Letter April 2020