Tax reform impacts education tax breaks

The Tax Cuts and Jobs Act modifies qualified tuition programs and the exclusion of student loan discharges from gross income. There was much debate regarding changes to other educational benefits as part of tax reform, including the elimination of the student loan interest deduction, repeal of exclusion of income for graduate student tuition waivers and modifications …

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Limitation on deduction for interest

If new tax laws excite you then you’re in luck. With the passing of the Tax Cut and Jobs Act, there are many changes to the code for us to explore. Several of these changes will undoubtedly decrease taxes for businesses and their owners. But the new limits on the deduction of business interest isn’t …

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Standard deduction, personal exemptions, new tax law

One of the major changes in the tax reform bill is the changes made to the standard deduction and personal exemptions. This will affect a vast majority of taxpayers, some in a positive way, others not so much. The final version of the GOP Tax bill retains a proposed standard deduction and personal exemption into …

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What happened to my 263A (A)djustment?

First, let us explain IRC Section 263A since most people (non-accountants) probably have no idea what I am talking about, because it is something their CPA does behind the scenes and is often hard to explain. 263A requires certain costs that are normally expensed to now be capitalized as part of inventory for tax purposes. …

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