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]
IRS and Treasury release final and proposed regulations on new 100% depreciation
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]
Choice of Tax-Exempt Entity Status
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]
Expansion of Millan & Company P.C., Bookkeeping Services
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]
How to Form a Nonprofit Organization in Texas
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]
Itemized Deductions
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]
Tax Cuts and You
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]
Choosing among Pass-through Entities
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]
Maximizing your Qualified Business Income Deduction (QBID)!
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]
Presidential Candidate’s Positions on Taxes [Infographic]
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]
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