Posts In Category "Tax News"

2017 TAX REFORM BUSINESS LAW CHANGE HIGHLIGHTS

27 Dec 2017 | Under Tax News | Posted by | 0 Comments

2017 TAX REFORM CHANGES AFFECTING BUSINESSES Overview of TCJA Changes Affecting Businesses For businesses, highlights of the TCJA include: (1) an increase in amounts that may be expensed under bonus depreciation and Section 179; (2) a 21 percent flat corporate tax rate; (3) a new business deduction for sole proprietorships and pass-through entities; and (4) […]

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2017 TAX REFORM CHANGES AFFECTING INDIVIDUALS

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2017 TAX REFORM CHANGES AFFECTING INDIVIDUALS Tax Rates and Brackets. TCJA provides seven tax brackets, with most rates being two to three points lower than the ones under present law (the top rate goes from 39.6 percent to 37 percent). The top rate kicks in at $600,000 of taxable income for joint filers, $300,000 for […]

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2017 TAX REFORM REGARDING QUALIFIED BUSINESS DEDUCTION

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2017 TAX REFORM QUALIFIED BUSINESS DEDUCTION If you are a sole proprietor, a partner in a partnership, a member in an LLC taxed as a partnership (hereafter, “partner”), or a shareholder in an S corporation, TCJA provides a new deduction for qualified business income for taxable years beginning after December 31, 2017, and before January […]

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2017 LAW CHANGE PASSES CONGRESS! SEE OUR TAX PLANNING RECOMMENDATIONS

22 Dec 2017 | Under Tax News, Tax Planning | Posted by | 0 Comments

TAX PLANNING AFTER THE DECEMBER 2017 LAW CHANGE:   Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will […]

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2017 Expanded Year End Tax Planning

27 Nov 2017 | Under Tax News, Tax Planning | Posted by | 0 Comments

Here is more information on how to plan for this and next year’s tax savings. (Click here for the  summary version.) As you may be aware Congress appears poised to enact a major tax reform law that could potentially make fundamental changes in the way you and your family calculate your federal income tax bill, […]

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2017 Year End Tax Planning Summary

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Here is a condensed version of our 2017 year end tax planning mailing.   Find the full version here. As you may be aware Congress appears poised to enact a major tax reform law that could potentially make fundamental changes in the way you and your family calculate your federal income tax bill, and the amount […]

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Deduct or Capitalize my Repair Costs?

29 Nov 2016 | Under Tax News, Tax Planning | Posted by | 0 Comments

Whether an expenditure qualifies as a currently deductible repair or is required to be capitalized is a factual determination. The burden of proof rests with the taxpayer, and sufficient contemporaneous records must be maintained. It is important to correctly characterize such expenses from the beginning. Otherwise, amended returns may have to be filed and that […]

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