New rules for small businesses, pass-throughs – Part 2

The new tax law means major changes to the rules for small businesses and pass-through entities. Today, I will give examples of the change. If you missed our intro to this topic, just click here. Example #1 – Taxable income less than $315,000 married filing joint (MFJ) Taxable Income: 300,000 QBI: 200,000 W-2 Wages from …

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New small business/pass-through rules

My head hurts – here’s how to determine if your business bank account will too If you’re like me, and require one (or four) cups of coffee to get going in the morning, you may want to put on a fresh pot for this blog. While I was under the impression that homework over winter …

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Business use vehicles: potential new tax law impact

The new tax law is drafted and should be voted on this week. How will it impact your business? Some of the potential modifications will enhance your ability to depreciate certain business assets, such as business use vehicles. Below are a couple of the major updates and how they would impact your business vehicles (please …

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Depreciable assets: potential new tax law impact

Are you aware of the potential new tax law and how it may impact your business? Some of the potential changes deal with the modification of rules for expensing certain depreciable assets. Below are a couple of the major updates that have made it through conference agreement and are yet to be voted on this …

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Why this busy season will be busier than usual for tax professionals

At the end of each year, tax professionals begin in earnest to prepare themselves and their clients for the upcoming busy season. For many, this includes tax planning, updating technology/software, and studying up on the latest tax updates. However, with tax reform seeming to become more of a certainty, tax professionals find themselves at a …

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Will the divide on health care reform impact tax reform?

Getting healthcare reform legislation through Congress has proven to be a very difficult task. Not only due to the lack of support from the Democratic minority, but from divisions within the Republican majority. Recently, it took the quick return to Washington of Senator McCain after a terrible medical diagnosis, along with the Vice President’s presence …

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Going the way of the dinosaur? Endangered tax regulations

While we may wish that all tax regulations were endangered and soon to be extinct, there are certainly some that are more worthy for extinction than others. In April of 2017, President Trump issued an executive order designed to reduce tax regulatory burdens. The order instructed Treasury Secretary Steven Mnuchin to review “all significant tax …

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Trump tax plan: how could you be impacted?

President Trump is attempting to make good on his campaign promise to overhaul the tax code. In his proposal released last Wednesday, the President outlined his plans to provide Americans with “the biggest individual and business tax cut in American history.” So, how will Trump’s plan impact taxpayers (like you) if it’s passed? INDIVIDUALS TAX …

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New Tax Penalty Rules Passed with 2015 Extender Provisions

Many are aware of the last minute tax “extender” provisions passed in December, 2015. But you may not be aware of the numerous other tax provisions passed in conjunction with this legislation. One of them being relative to new tax penalty rules. The end of year legislation known as the Consolidated Appropriations Act (H.R. 2029), …

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