500 W. Madison St., Suite 1150 Chicago, IL 60661 

Wednesday, February 26, 2019  from  9:00 AM to 12:00 PM

Uncovering Overlooked Income Tax Breaks

Planning Considerations in Tax Year 2020

The impact of the Tax Cuts and Job Act of 2018 (TCJA) had varying effects on business owners and individuals tax payers in 2018.  However, what has not been discussed are the planning opportunities for some business owners. This workshop takes a look at these overlooked tax breaks that may present timely loopholes in tax year 2020.

The workshop will examine the following 2020 planning considerations under TCJA:

 Planing for Sole Proprietors and Corporation Shareholders:

  • New tax planning benefits of Personal Service Corporations
  • The silver lining under new Section 1031 Like-kind Exchange rules
  •  How employee/shareholders may recover from the loss of unreimbursed business deductions
  • A review of overlooked Medical Deductions in 2020  
  • How to deduct Medicare as a business expense in 2020
  • How to expand the tax benefits of business meals
  • How business owners can safeguard against loss of home office deductions
  • How investors in puts, call and stock options may unlock capital loss deductions

Presenter: Pete Lewis of Lewis & Associates Tax  Planning, Inc., (LATP) in St. Charles, Illinois has more than 30 years of    tax and  accounting experience.  LATP provides tax planning, compliance,  IRS  debt resolution and audit representation before federal and state tax  authorities.   He holds an MBA in finance from Dominican University in  River Forest, Illinois, and a Bachelor’s Degree from Southern Illinois  University in Carbondale, Illinois.  He is also a Certified Public  Accountant and an Enrolled Agent to Practice before the IRS.

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