Tax Season is Coming – Vital things to know Part 1

QBI, TCJA, Taxes are due, tax accounting

Tax Cut and Jobs Act (TCJA) that was passed in late 2017,  has benefited businesses both big and small. For the business who can take advantage of the Qualified Business Income or (QBI) deduction for pass through entities it can be a real boon. The new tax code sounds like an awesome opportunity, if you can take advantage of it. … Read More

Time to delegate

Tax accounting, Book keeping

Choose an accountant that understands your business What to look for when choosing an accountant When you are running a small business, cash flow, paperwork, taxes and government regulations are always on a small business owner’s mind. After all, what’s more important than managing your company’s financial affairs?  Learning good small business accounting practices is a must. But, the time … Read More

Clarifying the changes to the Child Tax Credit for 2018

tax accounting, tax accountant, tax accountant near me

Titanic shifts in the United States tax code continue to rock American taxpayers. Under the Tax Cuts & Jobs Act of 2017 (TCJA) if you are a divorced parent, separated spouses or an unmarried parent, you may now be unable to fight over their children’s dependency exemptions in 2018 because lawmakers have eliminated the exemption.In 2017, the U.S. Congress passed … Read More

Property, state and local taxes are still deductible, up to a point

Map of USA and Real Estate Tax Rates, Accountants near me, tax accounting near me, cpa accountants near me, accounting firms rochester ny, accountants rochester ny, cpa rochester ny, cpa firms in walnut creek, tax accountant san ramon, san ramon cpa, llp accountants, rochester accounting firms, walnut creek cpa firms, what is tys, cpa firms in rochester, 2018 child tax credit, accounting, tax accounting, business consultants near me,

A momentous change took place last December 2017 in the form of the Tax Cuts and Jobs Act (TCJA), which is the tax reform bill that placed a new limit on deductions for state and local taxes, including property taxes.  Previously these deductions were unlimited for individuals, though many people who owed the alternative minimum tax lost the benefit of … Read More

Many tax deductions gone but not forgotten Part 2

Earlier this week we looked at how the new tax cuts and jobs of 2017 has changed what is deductible and what is not. Congress also included a significant reduction in mortgage interest as part of the reform package. In 2017, taxpayers could deduct interest on a mortgage of up to $1 million. Starting in 2018, only interest on the … Read More

Many tax deductions gone but not forgotten Part 1

New tax cuts and jobs act of 2017, Accountants near me, tax accounting near me, cpa accountants near me, accounting firms rochester ny, accountants rochester ny, cpa rochester ny, cpa firms in walnut creek, tax accountant san ramon, san ramon cpa, llp accountants, rochester accounting firms, walnut creek cpa firms, what is tys, cpa firms in rochester, 2018 child tax credit, accounting, tax accounting, business consultants near me,

The number nine has special significance to taxpayers in 2018 because that is the number of tax deductions that have been eliminated as result of the sweeping changes made in the Tax Cuts and Jobs Act of 2017 (TCJA).  And the best way to describe it is – a case of give and take. Taxpayers can expect a lot of … Read More

Wedding Gifts from the IRS and the Disappearing Marriage Penalty

The Disappearing Marriage Penalty,new tax cuts and jobs act 2017

It may be rare these days for a prospective husband to ask for permission or a blessing from his future father-in-law to marry his sweetheart, but there’s one additional blessing that may also be on his mind: acquiring the tax blessings bestowed by the Internal Revenue Service. Thanks to the new tax law changes found in the Tax Cuts and … Read More

US Corporation tax rate now lowest in 30 years

happy business

For decades, the United States was in the top twenty of the countries paying the highest statutory corporate income tax rates. Last year, American companies had to adhere to a whopping 38.9 percent rate while other developed countries were paying 22 and 25 percent rates. In fact, the only other countries paying 35 percent or more, were the United Arab … Read More

What’s New in the Tax Cuts and Job Act Part 2

Experts say the changes to the tax code for businesses are nothing short of revolutionary: a long-overdue modernization. But it’s important to remember that rate reductions don’t automatically translate into vigorous business growth. While changes wrought by the Tax Cuts and Jobs Act (TCJA) do promote corporate investment incentives, they also vary by investment type and economic sector. Here are … Read More

What’s New in the Tax Cuts and Job Act Part 1

New Tax Law passed by Congress

The Trump administration’s success in pushing through the new tax legislation marks a major achievement of it’s first year. But, according to one source, “the hurried, largely furtive drafting, and rush to passage at the end of 2017, have helped obscure the new tax regime’s real impact.” Focusing on the politics has muddled the sweeping repercussions of the Tax Cuts … Read More

Meals and Entertainment Changes Under Tax Reform

booking keeping, accounting consultant,

In general, the new tax Act provides for stricter limits on the deductibility of business meals and entertainment expenses. Under the Act entertainment expenses incurred or paid after December 31, 2017 are nondeductible unless they fall under the specific exceptions in Code Section 274(e). One of those exceptions is for “expenses for recreation, social, or similar activities primarily for the … Read More