Ong & Company Blog

20% QBI Deduction for Rental Real Estate

Landlords: Review the new 199A safe harbor rule Owners of pass-through entities (S corporations, partnerships and limited liability companies) and sole proprietors can benefit from a new deduction ...

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Can I Deduct My Boat?

Richard Ong / May 01, 2019 /

Tax Deductions

Sail away with boating tax breaks It's well known that a home can be a valuable source of tax deductions while you own the place and a six-figure tax exclusion when you sell. But did you know you can ...

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Write Off Your Building Faster

Generally, it takes nearly four decades to fully depreciate the cost of a business building. That's a long time in most people's book. But you may be able to recoup the cost of certain components ...

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Gig Economy Tax Tips

Are you involved in the gig economy — or the labor market made up of freelance and other temporary work — that's gaining popularity? This type of sharing economy involves individuals and groups who ...

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Back Door ROTH IRA Contributions

Richard Ong / April 04, 2019 /

Retirement Savings

Don't give up quickly if your path to contributing to a Roth IRA is blocked by tax law limits. Despite the obstacles, upper-income taxpayers may be able to take advantage of a backdoor Roth IRA. IRA ...

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New "Kiddie Tax" Tax Rules For 2018

Richard Ong / March 23, 2019 /

Tax Planning

Ways to save with the new kiddie tax rules The kiddie tax isn't just child's play. Due to recent tax law changes, children with substantial income may end up paying more in taxes than before. ...

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New Alimony Tax Rules for 2019 Divorce Decrees

Is alimony still deductible by payers and taxable to recipients? It depends. There is some confusion around recent tax law changes, but the prior rules generally remain in effect for divorce and ...

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Unexpected Tax Bill?

Big 2018 tax bill? 4 ways to owe less next year Recent tax legislation includes a bevy of tax breaks for individuals. However, as you may discover when you're filing your 2018 return, not everyone ...

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Married Filing Jointly or Separately?

Richard Ong / February 12, 2019 /

Tax Planning

Consider this when choosing to file jointly or separately If you're married, it's better to file a joint tax return, rather than separately ... right? That's usually true, but not always. It depends ...

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Tax-Free Employee Awards

Reward employees with tax-free achievement awards How can you motivate employees? One way is to set up an achievement award plan that rewards length of service or safety measures. If certain ...

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