The tips below were included in our 2018 Year-End Business Client Guide. Tip #1 – For tax years beginning after 2017, taxpayers other than corporations may be entitled to a deduction of up to 20% of their qualified business income. For 2018, if taxable income exceeds $315,000 for a married couple filing jointly, or $157,500 for [...]
The following article was published by the IRS. More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service. The Tax Cuts and Jobs Act (TCJA), the tax reform legislation passed in December 2017, doubled the maximum Child Tax Credit, boosted income limits to be able [...]
The TCJA was signed into law at the end of 2017. The IRS has been working throughout 2018 on this major piece of tax legislation, issuing proposed regulations, notices, memos, FAQs and more to help businesses make sense of all the changes. Check out the IRS’s Businesses tax reform page for updates and resources on how [...]
The following article was published by the IRS. Before the end of the year, small business owners should become familiar with how the new tax law changes may affect them. The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and the [...]
[youtube https://www.youtube.com/watch?v=Nf0elKq7sjA]The new tax law has added some wrinkles to how many Americans deal with their tax returns. In the past, it was common to try to maximize deductions during the year and then itemize on your return. However, with the increase in the standard deduction for individuals and families this year, reducing taxable income is [...]