The rules for deducting qualified residential interest, i.e., interest on your home mortgage, have changed under the Tax Cuts and Jobs Act (the Act). Below is a summary of how it may affect your tax bill and residential real estate situation going forward.
Proactive service is more than just suggestions and recommendations from a CPA, advisor or consultant – it’s an educational experience that provides you with tools, knowledge and support. That’s why DS+B professionals are active members in professional associations to understand industry trends and hot topics. It’s why we seek out and learn from the best in every business. It’s so we can bring you insight and guidance to run a better business, engage in effective tax planning or understand the financial outcomes of big decisions.
For medical practices and physicians, the Tax Cuts and Jobs Act adds a new 20% deduction for qualified business income (also referred to as the “pass-through deduction”). However, there are caveats to consider when planning for the impact of tax reform. This article outlines the two biggest hurdles for physicians in taking advantage.
The revised IRS withholding tables reflect the TCJA’s increase in the standard deduction, suspension of personal exemptions and changes in tax rates and brackets. Employers must move to incorporate the new tables into their payroll systems as soon as possible — and no later than February 15, 2018. Read more on the changes, and actions required, for businesses.
While the Tax Cuts and Jobs Act of 2017 increased the federal exemption from estate tax to $11M per taxpayer, the requirements regarding Minnesota Estate Tax were changed in 2017 for the years 2017-2020. In this article, we take a closer look at the Minnesota changes, non-resident estate tax that has far-reaching implications, and gift tax details that can help you with effective wealth planning decisions.
For tax years beginning in 2018, the TCJA establishes a new deduction based on a noncorporate owner’s qualified business income (QBI). This new tax break is available to individuals, estates and trusts that own interests in pass-through business entities. This article includes an analysis of how the new law may impact business owners.
For employers, it is important to note compliance changes and new rules in the TCJA when reviewing employee benefits policies for 2018 and beyond. The following guide is an analysis and summary related to changes in the new law and tax rules for employee fringe benefits. Be sure to consult your tax professional for your specific situation.
Businesses and employers need to take note of the new rules as they plan their 2018 meals and entertainment budgets. The Tax Cut and Jobs Act of 2017 (TCJA) places stricter limits on what businesses can deduct meals and entertainment expenses for clients, or its employees.
The Tax Cuts and Jobs Act (TCJA) offers many tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced. Here are the most important changes in the new law that will affect businesses and their owners.
If your business is buying new assets in 2018 or undertaking a qualified remodeling project for the interior of a nonresidential building, you may be able to benefit in several ways under the new tax reform law, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA). You even may be able to take advantage of some of the enhancements on your 2017 tax return.
Effective January 1, 2018, the Tax Cuts and Jobs Act of 2017 (TCJA) reduces individual and corporate tax rates, eliminates a host of deductions and credits, enhances other breaks and makes numerous additional changes. One thing the TCJA doesn’t do is repeal the federal gift and estate tax, as originally contemplated by the House of Representative’s version … Read More