/Tag: tax cuts and jobs act

Bonus Depreciation for Your Business: Let’s Review Your Options

By |2020-03-01T04:08:44+00:00November 5th, 2019|Categories: Articles, Blog|Tags: , , , , , |

  First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act (TCJA) set forth more generous, but temporary, rules for 2018 through 2026. Recent IRS guidance gives you additional flexibility to fine-tune the bonus depreciation break to suit your specific business and personal tax circumstances. Here's what you [...]

Is electing to make your business a S corporation the right decision?

By |2020-03-30T21:34:27+00:00August 20th, 2019|Categories: Blog|Tags: , , , , , |

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses as S corps for federal tax purposes. [...]

Final regulations and guidance for QBI deductions come from the IRS just in time

By |2020-04-06T22:52:41+00:00February 1st, 2019|Categories: Blog|Tags: , , , , , , , , |

When President Trump signed into law the Tax Cuts and Jobs Act (TCJA) in December 2017, much was made of the dramatic cut in corporate tax rates. But the TCJA also includes a generous deduction for smaller businesses that operate as pass-through entities, with income that is “passed through” to owners and taxed as [...]

Tax Cut and Job Act (TCJA) Creates Many Opportunities for Year-End Planning

By |2020-04-07T22:23:34+00:00December 19th, 2018|Categories: Blog|Tags: , , , , , , |

The Tax Cuts and Jobs Act (TCJA) created more than 100 new tax provisions, which is a staggering thought. The good news is that these, and some of the surviving provisions, create a wealth of year-end planning opportunities. Choose the smart approach to deductions Many taxpayers who traditionally itemize their deductions might end up [...]

Year-End Tax Planning for Businesses in the New Tax Environment

By |2020-04-07T22:05:13+00:00December 19th, 2018|Categories: Blog|Tags: , , , , , |

The passage of the Tax Cuts and Jobs Act (TCJA) in late 2017 has brought significant changes to the tax landscape. As we approach the first tax season under the new law, practitioners are looking at tax planning strategies to maximize the tax benefits. Fresh opportunities The TCJA creates several new avenues of potential [...]

IRS issues proposed regulations on the pass-through business income deduction

By |2018-08-31T18:10:20+00:00August 13th, 2018|Categories: Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , , , , |

The IRS recently released highly anticipated regulations addressing the deduction for up to 20% of qualified business income (QBI) from pass-through entities. The deduction was a major component of the Tax Cuts and Jobs Act, which became law late last year. It has also been referred to as the pass-through deduction, the QBI deduction or [...]

Tax Reform News: Expanded Tax Breaks for Business Vehicles

By |2018-05-22T16:57:09+00:00June 7th, 2018|Categories: Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , , , |

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, [...]

Understanding the benefits for pass through entities under the TCJA

By |2018-04-10T18:06:20+00:00April 10th, 2018|Categories: Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , , , |

The Tax Cuts and Jobs Act (TCJA) has been touted for cutting the corporate tax rate, but the law also contains some valuable goodies for smaller businesses that operate as pass through entities, including partnerships, limited liability companies, S corporations and sole proprietorships. These businesses stand to see their tax liabilities fall significantly, but [...]

Big Changes for the Tax Treatment of Alimony Payments

By |2018-04-09T23:33:45+00:00February 13th, 2018|Categories: Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , , , |

Are you in the process of a divorce, or considering revisions to a divorce agreement?  Be aware that the recently enacted Tax Cuts and Jobs Act (TCJA) is bringing drastic changes to the tax treatment of alimony payments. Current Rules Current rules allow a deduction for alimony payments made pursuant to a divorce or separation [...]

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