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Our Services & Specialties
Our expertise make your accounting simple and less taxing!
Huge Tax savings on Business Income!
The 2017 Tax Cuts and Jobs Act (TCJA) is the biggest change to tax laws in three decades. The business community is thrilled to see their corporate tax rate cut!
- Reduced Corporate Tax rates - flat 21% (down from 35%)
- Corporate Alternative Minimum Tax (AMT) eliminated!
- 20% Business Income deduction *
- Changes in Entertainment expenses, Business Interest and NOL deductions.
- Bonus Depreciation: Big Tax Savings for Asset purchases: 100% (instead of 50% previously).
- More property eligible for expensing.
- Increased annual depreciation caps for Company Vehicles.
- Net operating losses limited to 80% of taxable income.
- Net operating losses (NOLs) can be carried forward indefinitely.
- Employers benefit a credit equal to 12.5% of wages for Family or Medical Leave*
Personal Income Tax returns:
Incredible Tax Savings!!
- Tax rates lowered for most brackets!
- Alternative Minimum Tax (AMT) – exemption amount increased to $109,400 for MFJ
- Child tax credit increases from $1,000 per qualifying child to $2,000 ($1,400 refundable)
- Alimony income is no longer taxable nor is it deductible
- The deduction for personal exemptions no longer exists
- Opportunity to pass more wealth tax-free to the next generation: The new tax reform bill doubles the tax exclusion amount to $11.18 million for individuals and $22.36 million for married couples.
- The annual Gift tax exclusion amount increased to $15,000 per year, per person.
- Standard Deduction increased from $12,700 to $24,000 for MFJ
- Mortgages obtained after December 15, 2017, interest deduction is limited to $750,000
- Charitable Contributions limitation on AGI increased to 60% (from 50%)
- Casualty Losses not attributed to a federally declared disaster are only deductible to the extent of any personal casualty gains for the year
- Two percent Misc. itemized deduction - such as: Tax preparation fees, investment expenses, and employee business expenses (Form 2106), safe deposits, etc. are eliminated.
- Gambling losses: Expenses related to gambling are now considered to be gambling losses.
- State and Local taxes deductions limited to $10,000
- Unemployment income is now fully taxable
- IRA contribution deductions are now limited
- Kiddie Tax: The child’s unearned income will be taxed at the trust tax rate
- Re-characterization the IRA conversion has been repealed
- ACA penalty for not having insurance has been reduced to $0 after Dec 31, 2018.
- Moving expenses are no longer deductible
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Contact our firm today, we can help. It costs you nothing to learn about your tax filing & accounting services.