Several factors and circumstances help determine if an activity producing a net operating loss should be treated as a business or hobby for tax filing purposes. In general, a hobby is mainly done for recreation and pleasure whereas a business is … [Read more]
The Treasury Department and the Internal Revenue Service recently released final regulations (PDF) and additional proposed regulations (PDF) under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation … [Read more]
By: James A. Bradley, CPA, MBT(Tax), Tax Manager at Millan and Co, PC, Austin, TX. August, 2019. jim@millancpa.com Do you want to form a nonprofit organization? What tax-exempt entity status should you choose? Should you select Section 501(c)(3), … [Read more]
Millan & Company P.C. has recently announced a comprehensive set of certified bookkeeping services, allowing organizations to focus more time and energy on their businesses and to help make more informed budget decisions. A recent article in … [Read more]
By: James A. Bradley, CPA, MBT(Tax), Tax Manager at Millan and Co, PC, Austin, TX. June, 2019. jim@millancpa.com A nonprofit organization is organized for charitable, educational, or religious purposes, and it can qualify for tax-exempt status … [Read more]
By: Carlos Nazario CPA, JD, Tax Director at Millan and Co, PC, Austin, TX. April, 2019. carlos@millancpa.com Itemized deductions vs. standard deduction The Tax Cuts and Jobs Act or “TCJA” of 2017 made multiple changes to the individual income … [Read more]
By: Carlos Nazario CPA, JD, Tax Director at Millan and Co, PC, Austin, TX. April, 2019. carlos@millancpa.com The Tax Cuts and Jobs Act or “TCJA” of 2017 made multiple changes to the individual income tax, including changes limiting significantly … [Read more]
By: Carlos Nazario CPA, JD, Tax Director at Millan and Co, PC, Austin, TX. February 2019. carlos@millancpa.com Pass-through Entities Usually a business is organized using an entity, which has legal capacity independent form its organizers, … [Read more]
By: Carlos Nazario CPA, JD, Tax Director at Millan and Co, PC, Austin, TX. February, 2019. carlos@millancpa.com The Tax Cuts and Jobs Act of 2017 (TCJA) created a new 20 percent deduction for qualified business income from sole proprietorships, … [Read more]
With the 2016 elections fast-approaching, it's important to understand where the various presidential candidates stand when it comes to taxes. Take a look at this infographic from MBACentral.org to learn more about each candidates' tax position. … [Read more]