Tax Deductions – New Limit on Business Interest Expense
27 MAR 2019

Posted by robbie Categories: BLOG Comments: Post closed for comments

NEW LIMIT ON BUSINESS INTEREST EXPENSE

  • TAX CUTS AND JOBS ACT (TCJA) ENACTED LIMITATIONS ON THE DEDUCTIBILITY OF BUSINESS INTEREST EXPENSE FOR BUSINESSES WHOSE AVERAGE ANNUAL GROSS RECEIPTS DO NOT EXCEED $25 MILLION FOR THE 3 PRECEEDING TAXABLE YEARS
  • AMOUNT OF DEDUCTION CANNOT EXCEED THE SUM OF:
   

BUSINESS INTEREST INCOME FOR THE YEAR

30% OF THE BUSINESS’S ADJUSTED TAXABLE INCOME FOR THE YEAR (AND)

BUSINESS’S FLOOR PLAN FINANCING INTEREST EXPENSE FOR THE YEAR

  • ANY EXCESS INTEREST IS CARRIED FORWARD TO 2019

WOULD YOU LIKE TO KNOW WHAT CRYPTOCURRENCY IS? LOOK FOR TRAINING COMING SOON!!!!!

 

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CONTACT RTW TODAY FOR ALL YOUR TAX AND BUSINESS NEEDS DOMESTIC AND INTERNATIONALLY. DON’T WAIT, CALL OR EMAIL NOW. Business Email Blog! Can also find this one and previous blogs at www.rtwxxact.com By Robbie Terry-Washington, CPA Contact info: info@rtwxxact.com

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