• Call: 479.478.9166

  • Text: 479.462.4948

1611 S. Greenwood Avenue, Fort Smith, AR 72901

Personal & Business Taxes

NEWS YOU CAN USE

FOR TAX YEAR 2019

INDIVIDUAL

• 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

  • 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.)