On September 13, the House Ways and Means Committee passed three separate bills that will be the cornerstone of what is being referred to as Tax Reform 2.0. The bills focus on making permanent certain provisions of the Tax Cuts and Jobs Act (TCJA) that affect individuals, families, and small businesses. They also promote family [...]
Great news for small business owners with business vehicles: the Tax Cuts and Jobs Act (TCJA) expands the first-year depreciation deductions for business vehicles used more than 50% for business purposes. Here's what you need to know to take advantage of these deductions: Depreciation Allowances for Passenger Vehicles For new and used passenger vehicles (including trucks, [...]
Due to the passage of the Tax Cuts and Jobs Act (TCJA) late last year, the IRS has released updated 2018 tax withholding tables, which is one of the first critical steps to institute the law’s overhaul of the federal income tax regime. These tables indicate how much employers should hold back from their employees’ [...]
The new tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers. Below are highlights of some of the most significant changes affecting individual and business taxpayers. Except where noted, these changes are [...]
