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!!!!!
“FIRST CLASS SOLUTION SUITE”
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
OFFICE: GA: 470-441-5140 OH: 216-282-9706 CELL: 216-533-6586 FAX 855-541-5140
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