Tax reform: 2018 tax rates – do they help?

All the talk about tax reform leaves everyone with many questions. The most important question we are all asking is, “how does this affect me?” The most direct way this reform affects everyone is through the tax rates. Let’s recap the rates for 2017. Then we will go through the 2018 rates and income thresholds. …

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No more domestic production activities deduction?

By now you’ve heard so much about the Tax Cuts & Jobs Act (TCJA) of 2017 and probably don’t want to read a word more, BUT you should since it directly affects you personally as well as your business. Luckily, you have us here at Henry+Horne to help extinguish the headaches and uncertainties by keeping …

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Medical expense deduction changes under new tax law

From 1986 until 2013, the rules for deducting medical expenses remained unchanged. Expenses were only deductible to the extent that they exceeded 7.5% of a taxpayer’s adjusted gross income (AGI). This resulted in a tax deduction for only a small percentage of taxpayers with high medical expenses. One of the provisions of the Affordable Care …

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