Quite a few of our clients are dentists and many have started to use technology that allows them to manufacture their own crowns - as oppose to sending the impressions out to a lab. For the dentists who use this in-house "manufacturing," it begs the question of whether or not they should receive the Section 199 Deduction ("Manufacturers Deduction") when determining their tax liability.
In what has been a unique presidential campaign, we have received the first surprise of October. The New York Times received copies of Donald Trump’s tax returns from 1995, which showed he had a loss of $916,000,000 due to the failures of two casinos and one hotel. While the loss was huge (or "yuge") and possibly would call in to question his competence as a business person, some are wrongly angered by Trump's legitimate use of tax law.
Due to the large loss, Trump was able to carry forward the losses to reduces his taxable income in future years. Many have suggested this indicates that the system is rigged for wealthy people or that Trump has not paid income taxes in a long-time due to this loss.