Independence Day, also known as the Fourth of July is a U.S. Federal Holiday commemorating the adoption of the Declaration of Independence on July 4, 1776. The Continental Congress declared that the thirteen American colonies at the time (Delaware, Pennsylvania, New Jersey, Georgia, Connecticut, Massachusetts Bay, Maryland, South Carolina, New Hampshire, Virginia, New York, North Carolina, Rhode Island and Providence Plantations) regarded themselves as a new nation, the United States of America, and were no longer part of the British Empire. John Hancock was the first person to sign the Declaration of Independence. Here is what John Hancock said:

“We must be unanimous; there must be no pulling different ways; we must hang together”. ~ John Hancock, July 4, 1776

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The Tax Cuts and Jobs Act enacted by Congress last year made major changes to the longstanding deductions for business-related entertainment and meal expenses. Starting in 2018, most business-related entertainment expenses are not deductible. However, the deductibility of certain meals is unclear.

Continue to find out what entertainment expenses are allowable tax deductions moving forward.

Entertainment Read More

The boom in U.S. real estate caused by foreign investors is about to get bigger as a result of greatly reduced U.S. income taxes for nonresident aliens and foreign corporations.

Because of the new 2017 Tax Act, foreign investors could receive a 40% reduction in the U.S. income tax of their gains and income from their real estate investments. For those foreign investors who already were invested in U.S. real estate, their after-tax returns could now be 40% more valuable without their raising a finger. Read More