Tax reform rules commonly known as H.R. 1-Tax Cuts and Jobs Act of 2017 have transformed the deductibility of certain meals, entertainment, and transportation expenses. Prior to 2018, a taxpayer could deduct 50 percent of business meals and entertainment and 100 percent of meals provided through an in-house cafeteria or meals provided for the convenience of the employer (i.e., de minimis fringe benefit).

Under the new regulation, january 1 effective, 2018, entertainment is no longer deductible and meals provided via an in-house cafeteria or for the convenience of the employer are at the mercy of the 50 percent restriction. For tax years after 2025, foods provided through in-house cafeteria or for the convenience of the employer will not be deductible at all. Planning tip: Maximize tax deductions and save time on tax preparation by establishing separate general ledger accounts for business meals (50 percent deductible), entertainment (nondeductible), and recreational/social employee expenses (100 percent deductible).

The new rules addresses transportation 2 times. It disallows a deduction for the trouble of any experienced transportation fringe advantage provided to an employee of the taxpayer. Qualified transportation fringe benefits include transportation in connection with travel between your worker’s home and job, any transit goes by and qualified parking. Qualified car parking means car parking provided to an employee on or near the business premises of the employer or on or near a mass transit place.

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Some lenders just don’t want to do business with a bankrupt person. Interviewing lenders BEFORE you make an application for credit is so important. You will need to determine their credit recommendations before you apply. Read that phrase again! Many unsecured credit card providers are 100% FICO credit score-based. That’s how they will offer you a remedy so quickly if you apply by phone or over the internet. The only thing they look at to make their credit decision is one of your FICO scores. A FICO rating over 700 appears to be what they’re looking for.

Don’t expect too much from your banker until four years have handed as well as your FICO ratings are above 680. However, all bankers will vary. Find out what the options are with your banker. Do they have any power to make credit decisions? After my bankruptcy I felt lucky to truly have a bank checking account, checking account, debit card (now they’re called Visa/MasterCard check cards), a secured Visa credit card, and a few secured bank loan.

You need to be on a constant search for higher credit limitations. Even though you don’t think you need them. It’s best for your scores, especially when your spending patterns remain the same. You “earn” a higher borrowing limit by paying your bills early or on time. Your next step is asking for a credit limit increase every half a year.