Take Advantage of Charitable Donations Under TCJA!

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Now that the dust is beginning to settle on the release of the Tax Cuts and Jobs Act, a big taxpayer concern I’ve encountered is the loss of a tax benefit from charitable contributions.  But alas! In certain situations your tax benefit may not have disappeared for either individuals or business owners! First thing is… Read more »

Tax Cuts and Jobs Act: Individual (Form 1040) Tax Changes

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The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. TCJA is broad in nature and represents the most sweeping tax reform in over 30 years. Most changes begin 1/1/2018, directly affecting your 2018 tax return, and will sunset on 12/31/2025 if not extended. The bill is vast and contains… Read more »

Tax Cuts and Jobs Act: Qualified Business Income Deduction

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The purpose of this post is to alert you of a significant new tax deduction taking effect in 2018 under the new Tax Cuts and Jobs Act (TCJA) tax law. It should provide a substantial tax benefit to individuals with “qualified business income” from a sole proprietorship, farm, rental, partnership, or S corporation. The new… Read more »

Tax Cuts and Jobs Act: Business Tax Changes

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The recently enacted Tax Cuts and Jobs Act (“TCJA”) is a sweeping tax package. Here’s an overview of some of the more important business tax changes in the new law. Unless otherwise noted, the changes are effective for tax years beginning in 2018.   New fringe benefit rules. The new law eliminates the 50% deduction… Read more »