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The Tax Cuts and Jobs Act (TCJA) makes claiming a tax deduction for a personal casualty loss more difficult.

Your S corporation has to pay you reasonable compensation for the services you provide to the corporation. If your corporation pays your health insurance premiums, does that change the salary amount you need to pay yourself?

You won’t get a Section 199A tax deduction for your cannabis business.

But some of the other tax reform changes may make the C corporation a more attractive choice of entity than before (yes, really!).

We offer the following story as a way of clarifying the new 2018 rules on mortgage interest.

Jim bought a personal boat in May 2018. It qualifies as a second home. He has a $600,000 personal mortgage on his 2010 home and a $400,000 loan on his 2018 boat.

You probably think you can’t take money out of your IRAs before age 59 1/2 unless you meet a narrow exception to the unpleasant 10 percent penalty on early distributions.

But that’s not true.

Tax reform made a lot of good changes in the tax law for the small-business owner.

But the changes to the net operating loss (NOL) deduction rules are not in the good-changes category. They are designed to hurt you and put money in the IRS’s pocket.

If you use triple-net leases for your rental properties, you may wonder whether you’ll get your Section 199A deduction.

We don’t have a clear answer for you, so we are going to go with “maybe.” As you’ll see, we need more information.

The IRS, in its new proposed Section 199A regulations, defines when a rental property qualifies for the 20 percent tax deduction under new tax code Section 199A.

If you operate an out-of-favor business (known in the law as a “specified service trade or business”) and your taxable income is more than $207,500 (single) or $415,000 (married, filing jointly), your Section 199A deduction is easy to compute. It’s zero.

The new IRS proposed regulations confirm that the S corporation treats as wages the reasonable compensation that it pays to its shareholder-employees.

That’s good, and it opens planning opportunities. Even better!