Tax Consulting + Compliance
Taxes change. A lot! They’re also complex. Did you know the federal tax code is more than 74,000 pages? Who has time to look at that? Lucky for you, we do. You want CPAs who keep up with changing tax laws and new legislation, so you can make smart tax planning moves that maximize your wealth while minimizing your current and future tax liabilities.
With more than 75 CPAs and over 50 tax team members, you will have access to specialists who have more than 500 years’ experience with tax return preparation and planning. They specialize in:
- Business tax
- Cost segregation
- Estate, gift + trust
- Individual tax
- International tax
- Research + development
- State + local tax
The 2019 filing season is the first time your tax return will be majorly impacted by the Tax Cuts and Jobs Act – the biggest tax overhaul in 30 years. From new tax rates to the new 20% deduction for pass-through income, there’s a lot to think about as you’re getting your information ready for your CPA. That’s why we’re making it easy for you to find all the tax information you need in one place on this page.
20% Pass-through deduction
One of the most talked-about changes to come out of tax reform is the 20% deduction of qualified business income for pass-through entities. It’s a big deal for taxpayers like you because it could lead to substantial tax savings for a lot of business owners. Here are the top five things you should know about this new deduction.
- Section 199A: The pass-through deduction explained, plus final regulations
- Section 199A: Unadjusted basis of qualified property
- Section 199A: You still have questions about QBI?
- Section 199A: Deduction aggregation rules
- Section 199A: Does a rental real estate business qualify?
Want to read more? Check out our Tax Insights blog. We’ve covered a ton of other aspects of Section 199A. Keep in mind, the exceptions and limitations are complex. So, be sure to talk to your CPA about this to find out if you qualify.
Just about every taxpayer is impacted by the new tax law in some way. One change that is reaching everyone is the revamping of the tax rates and tax brackets both on an individual and a business level. For the most part, individual rates went down for 2018.
The C Corporation tax rate saw a major drop – from a maximum graduated rate of 35% to a flat tax rate of 21%. But that doesn’t necessarily mean you should restructure. Check out these blogs for more details on the considerations before you make a decision.
- New corporate tax rate under tax reform law
- New top corporate tax rate of 21% incentivizes loophole
- Guidance on switching from an S Corp to a C Corp
Congress really expanded the benefits of bonus depreciation with tax reform. Under the old law, you could only write off 50% of the cost of an asset. Now, you can write off 100% of business assets that meet the bonus depreciation qualifications and your asset can be new or used. This is huge for several reasons, including using bonus depreciation to make a taxable loss.
Other business tax impact
There are many other tax changes you need to consider for your business such as net operating losses, the deductibility of business meals and the $10,000 cap on the deduction for state and local income tax or sales tax, real estate and personal property taxes included in the changes to itemized deductions.
- Changes to net operating losses under tax reform
- Business meals deduction clarified by IRS
- Changes to itemized deductions
The loss of itemized deductions and the increase in the standard deduction is expected to lead to big changes in how taxpayers donate to charity. Some may be less inclined to make charitable contributions because the benefits are not as big – or nonexistent – under tax reform. However, there are still great strategies to give back that allow you to receive the tax benefits.
- Strategies to maximize your charitable contributions tax benefits
- The QCD, the new best friend of your IRA RMD
- Charitable donations deduction limitation
- Changes: state tax credit and federal charitable deduction
Arizona Tax Credit Donations
Donate to all of your Arizona charities through one website at AZ Tax Credit Funds. With no administrative costs, 100% of the donations pass through to the organization you choose, and you’ll receive a receipt to pass on to your accountant. You can donate to any charity, but you will need to know your charity’s five digit code. You’ll find a specific link to your charity’s five digit code for each of the types of donation.
- Private School – Contributions create scholarships for kids in private school.
- Find your charity’s code.
- Qualified Charitable Organization – Support organizations assisting low-income children, individuals and families.
- Find your charity’s code.
- Qualified Foster Care Organization – Providing a variety of services, clothing and shelter to support foster children.
- Find your charity’s code.
- Public School – Contributions to Arizona public or charter schools support qualified activities and programs.
- Find your charity’s code.
Other individual tax impact
The new tax rates, changes to deductions for charitable contributions and the doubling of the standard deduction are some of the biggest individual headlines to come out of tax reform, but you’ll also want to keep topics like the new kiddie tax and interest expense deduction rules on your radar.
- Kiddie tax rules revamped under tax reform
- Interest expense deduction rules are changing in 2018
- Tax reform impact on the mortgage interest deduction
Get the latest tax news every week
Any time there’s a major tax overhaul, you can expect a number of tax issues to need more guidance or clarification from the IRS or Congress. But who has time to follow all that? It’s easy for you to stay on top of the latest tax news with our Tax Insights blog. Subscribe now to receive updates three times a week.
Almost every taxpayer will feel the impact of tax reform in some way, which means you’re probably wondering about the effect on your personal and business taxes. Questions on tax planning for business or individuals? Our tax professionals help clients in a variety of industries including construction, dealerships, restaurants, technology and more. Fill out the form to the left and we’ll put you in touch with the right tax professional.
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