The Tax Cuts and Jobs Act was passed in December 2017, signaling the largest effort in tax reform since 1986. Individual and business taxpayer have decisions to make when it comes to their tax and financial plans in 2018 and 2019.
Don’t work with just any tax preparer this tax season. Partner with a tax advisor who will help you plan and rethink your tax strategy in response to the new tax law.
One of the biggest changes in the Tax Cuts & Jobs Act for partnerships is the new complex QBI deduction. Find out if you’re eligible in our QBI Infographic.
When the Tax Cuts and Jobs Act (TCJA) was passed in December of 2017, one of the provisions was to generally disallow a deduction for business expenses relating to entertainment, amusement, or recreation. The TCJA did not specifically mention business meals, and the business community has been eagerly awaiting further guidance.
There are a variety of new tax tools affecting how small businesses account for deducting the cost of capital purchases under the new tax law. Here’s what you need to know about them.
The Tax Cuts and Jobs Act (TCJA) contains many provisions which affect business and business owners. Some of these changes are specific to certain circumstances or types of business. The depreciation changes, however, may apply to all businesses.
Many Americans who have already prepared their tax returns are complaining that they are getting a smaller refund than last year, so they assume the new tax laws are hurting them. The size of a refund, however, may have nothing to do with a taxpayer’s actual tax liability…
Consider conducting a final tax planning review now, in Fall, to see if you can still take actions to minimize your taxes this year. Here are some ideas to get you started..
All miscellaneous itemized deductions that are subject to 2% of AGI limit are temporarily repealed for tax years beginning after December 31, 2017, and before January 1, 2026.
Provisions within the Tax Cuts and Jobs Act (TCJA) will affect charitable giving and directly impact tax-exempt organizations. Here are some ways we will see these changes.
When the Tax Cuts and Jobs Act (TCJA) was passed in December of 2017, one of the provisions was to generally disallow a deduction for business expenses relating to entertainment, amusement, or recreation. The TCJA did not specifically mention business meals, and the business community has been eagerly awaiting further guidance..
As students head back to school, there are some changes to education deductions that could save or cost you more in taxes and even raise college tuition costs. Here is what you need to know to get up to speed.
Often lost in the excitement of large-scale tax change is how they can negatively impact some individual situations. Check out the questions below to see if you might be in for a tax surprise this year.
The new Tax Cuts and Jobs Act (TCJA) includes numerous provisions designed to stimulate business growth, including changes in depreciation rules. A business entity can now write off the entire cost of qualified property the year it is placed in service.
As we gear up for the fourth quarter, we’re getting closer to the first tax season with the new tax law in effect. Since the introduction of the Tax Cuts and Jobs Act last December, more guidance has been released on certain aspects of the tax reform that were previously vague or unclear. What should be perfectly clear, however, is that tax planning should not wait another minute.
Associate Partner Julie Strohlein, CPA walks taxpayers through the process of updating Form W-4, especially in wake of the Tax Cuts & Jobs Act of 2017.
The Tax Cuts and Job Act of 2017 limits the amount of State and Local tax deductions individuals can deduct on their 2018 taxes to $10,000. In response, states in the Northeast that feature high property taxes created workarounds allowing municipalities with in these states to set up a charitable organization where property owners could donate in lieu of paying their property taxes.
Self-Rental is a term that describes the activity when a taxpayer rents property to his or her own business. This is a very common practice.
The most sweeping tax overhaul in decades brings lots of changes in federal tax code for businesses, ranging from a lower corporate tax rate to big tax savings for asset purchases. But there are also some deductions that disappear and other breaks that are pared back to offset part of the massive cost of the tax cuts.
What is the SALT deduction limit? How did states plan to circumvent the SALT limit? What did the IRS say?
Do you work from home? Frequently, you can qualify for home office deductions offsetting taxable income from a sole proprietorship or other small business. However, if you’re not careful, one misstep can cost you your deduction..
While giving gifts to charity is usually a reward on its own, donors could often also expect to get a tax deduction. Because of recent tax law changes, that may not be the case this year, unless you take some extra planning steps.
The Tax Cuts and Jobs Act (TCJA) contains many provisions which affect business and business owners. Some of these changes are specific to certain circumstances or types of business. The depreciation changes, however, may apply to all businesses.
Is home equity interest still deductible? How do I use the new 20 percent qualified business expense deduction? What are the new rules about dependents and caregiving? Alloy Silverstein’s tax advisors are here to keep you informed.
One of the biggest changes in the Tax Cuts & Jobs Act for partnerships is the new complex QBI deduction. Find out if you’re eligible in our QBI Infographic.
There are some provisions of the TCJA that garnered less press, but may affect you beginning this year, including: Dependent children, education planning, moving expenses, and more.
Under the TCJA, eligible employers can claim a credit equal to a percentage of wages paid to qualifying employees on leave under the Family and Medical Leave Act (FMLA).
The Tax Cuts and Jobs Act (TCJA) does much more for businesses than lower corporate tax rates. With careful planning, your small business may realize big tax benefits under the new law.
With every simplification intended by the TCJA, there are many more tax issues that still require planning to realize extra tax benefits. Following are seven of them:
Every situation is different, but here are several practical suggestions for improving your tax outlook for 2018 and beyond:
If you are a small business owner, including S corporations, partnerships and sole proprietorships, your planning probably got a lot trickier after the passage of the Tax Cuts and Jobs Act (TCJA).
There are a variety of new tax tools affecting how small businesses account for deducting the cost of capital purchases under the new tax law. Here’s what you need to know about them.
The Tax Cuts and Jobs Act of 2017 has made significant changes to the deductibility of meals, entertainment, and commuting benefits. These changes can be confusing and difficult to understand.
All businesses and individuals will be effected by the changes included in the new tax law. There are specific items in the bill that will impact any business in the alcohol industry, both positively and negatively. How will your wine, beer, or spirits business be impacted?
Whether you’re a middle class worker or a millionaire, the tax law will have an impact on you beginning in 2018. One of the most significant changes is the reduction of tax rates across the board.
Many of the politicians touted the new Tax Cuts and Jobs Act as the simplification of our tax code. While it is true that some people may now be able to file less complicated tax returns, the law contains so many provisions that it could effect each person’s tax return in a different way.
One of the key changes in the new law is a repeal to certain itemized deductions. Some of the most notable changes to itemized deductions as of 2018 include:
The compromise version of the tax bill known as The Tax Cuts and Jobs Act was released on December 15, 2017. Highlights of this version of the bill are as follows: There are 7 new tax brackets at 10%, 12%, 22%, 24%, 32%, 35%, 37%.
In light of the Tax Cuts and Jobs Act of 2017 becoming law, Alloy Silverstein has organized two panel discussions in January 2018 for South Jersey taxpayers to learn more about planning for the impending tax law.
