Magda Abdo-Gomez, Attorney at Law

November 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions , Tax Laws - Changes
Date: November 1, 2018
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IRS Issues Guidance on Meal and Entertainment Expenses

My February 2018 newsletter explained that the 2017 Tax Act repealed the entertainment deduction as a business expense. The Act, however, did not change the deductibility of 50% of the cost of meals incurred in a trade or business. For additional details see https://magdaabdogomezlaw.com/entertainme...

April 03

Posted By: Magda Abdo-Gomez
Posted In: Qualified Business Deduction , Tax Deductions
Date: April 3, 2018
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- 1441

Overview of the Qualified Business Income Deduction

The reduction in the corporate tax rate under the 2017 tax act would have, without additional action, resulted in an inequity in the taxation of pass through entity income as individuals will generally have a higher income tax rate than the 21% corporate tax rate. To remedy the situati...

March 02

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Tags: deductions, tax
Date: March 2, 2018
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- 1482

Itemized Deductions Under the New Tax Act

There seems to be a misconception that the new tax act has done away with itemized deductions. This is not the case. What the tax act has done is reduce the likelihood that taxpayers will need to itemize deductions. This has been accomplished through the increase of the standard deduction, and the t...

February 10

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: February 10, 2018
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- 1564

Entertainment Expense Deduction Under New Tax Act

It was my goal this month to discuss the newly enacted pass through entity deduction. However, as I began to analyze the law, I realized that the provisions are a textbook example of complexity in the Tax Code. I decided to save you from the head spinning the law caused me. If you really want [&hell...