Christine Hradsky No Comments

Tax Reform: Which Changes Are Temporary vs. Permanent?

Tax Reform Changes

It’s hard to keep track of what aspects of the new tax law are permanent and which changes are scheduled to expire at the end of 2025

The Tax Cuts and Jobs Act (TCJA) includes a bevy of important tax changes for individuals and businesses. However, it’s sometimes hard to keep track of which changes are permanent and which are scheduled to expire at the end of 2025 — unless Congress extends them.

Here’s a scorecard to help you keep track of the permanent vs. temporary changes as the tax law currently stands.  Read more

Christine Hradsky No Comments

Tax Reform: What’s Changing for Individuals?

Tax Reform

Here’s a list of 30 major tax issues to consider as you plan for the 2018 tax year.

The Tax Cuts and Jobs Act makes sweeping changes to the tax rules for individuals. But some of the new provisions won’t necessarily be relevant to your situation. Here’s a quick reference guide to the major issues under the new law to help you understand what’s changing.

In general, the changes for individual taxpayers are effective for 2018 through 2025, unless otherwise noted. Read more

Christine Hradsky No Comments

Will States Conform to the New Tax Rules?

State Tax Rules

Federal tax laws traditionally serve as the basis for many state tax laws. Here are some key provisions of the new law that must be addressed and how each change might affect your state tax bill.

Many state legislatures are now in session. A major issue that state lawmakers may currently face is whether to conform their state income tax systems to all the changes included in the Tax Cuts and Jobs Act (TCJA). Some states are considering or have adopted legislation to address the following key provisions of the new tax law. Read more

Christine Hradsky No Comments

6 Cool Ways to Save Taxes during the Hot Summer Months

Save Taxes

The tax rules underwent a major overhaul last winter. Here are some ideas for individuals and small business owners to consider in the summer months.

The Tax Cuts and Jobs Act (TCJA) may have put a crimp in some of your summer plans by eliminating or scaling back certain tax breaks. But individuals and small business owners still have plenty of opportunities to save taxes. Here are six ideas to consider this summer. Read more

Christine Hradsky No Comments

Tax Reform for Construction Contractors

Contractors

Construction contractors should start strategizing their businesses tax plans in light of the new law.

By Justin Gipp and Jason Dudas, CPA 

In December 2017, Congress signed the Tax Cuts and Jobs Act. There are many changes in the new tax bill that will cause varying effects on businesses and individuals. As the dust starts to settle on the new tax bill, most businesses expect their income tax expense to decrease. However, a general understanding of the new tax law is necessary to effectively make tax planning decisions for your business. Business owners can start strategizing their plan by reviewing the five most significant changes that are expected to affect construction contractors. Read more

Christine Hradsky No Comments

Close-Up on Mortgage Interest Deduction Rules

Mortgage Interest

The new tax law places new limits on home mortgage interest deductions for the 2018 through 2025 tax years.

The Tax Cuts and Jobs Act (TCJA) imposes new limits on home mortgage interest deductions. Here’s how the changes could affect your tax situation.

The Basics

For the 2018 through 2025 tax years, the new law generally allows you to deduct interest on only up to $750,000 of mortgage debt incurred to buy or improve a first or second residence. This type of debt is called “home acquisition indebtedness” in tax lingo. (For married individuals who file separately, the home acquisition indebtedness limit is $375,000 for 2018 through 2025.) Under prior law, you could deduct interest on up to $1 million of home acquisition indebtedness (or $500,000 for those who use married filing separate status). Read more

Christine Hradsky No Comments

Tax Reform Law: Topics of Special Interest for Individuals

Individual Taxpayers

Here’s a look at some of the law’s fine print, including how it will affect the individual health care mandate, the kiddie tax and various tax deductions.

As you’ve heard by now, the Tax Cuts and Jobs Act (TCJA) includes a number of changes that will affect individual taxpayers in 2018 and beyond. Significant attention has been given to the reduced tax rates for most individuals and the new limit on deducting state and local taxes. But there is more to the story. Here’s a summary of some of the lesser-known provisions in the new law. Read more

Christine Hradsky No Comments

Tax Reform Planning Checklist

tax

It’s time for business to start implementing the changes of the new tax law.

As the biggest change to the tax code in a generation, the new tax regime will have broad implications on both businesses and the people behind them. But what does the new law really mean for your business and your industry both now and in the years to come?

As we near the 100th day under the new tax law, it’s critical that companies both manage the resulting changes and develop a sustainable long-term tax strategy. To do this, businesses should take a phased approach: determining and addressing any immediate to-dos, navigating key steps to implementing any changes, and finally, ensuring their tax department is equipped to grow and address futures changes. Read more

Christine Hradsky No Comments

Let’s Take a Closer Look at New Business Tax Reforms

Business tax reform

Find out how the new tax law will be working for your business.

The Tax Cuts and Jobs Act (TCJA) provides businesses with more than just lower income tax rates and other provisions you may have heard about. Here’s an overview of some lesser-known, business-friendly changes under the new law, along with a few changes that could affect some businesses adversely. Read more

Christine Hradsky No Comments

Spotlight on Pass-Through Entities under the Tax Cuts and Jobs Act

pass-through entities

Pass-through entity rules will change under the new tax law.

Will pass-through entities still be popular under the Tax Cuts and Jobs Act (TCJA)? The tax rules for pass-through entities, including S corporations, limited liability companies (LLCs), partnerships and sole proprietorships, have generally become more beneficial — but also more confusing under the new law.

So which type of entity is best for your business? The answers depend on several factors, which are explained in this article. Read more