This article will cover The Tax Cuts and Jobs Act changes to businesses from 2018-2025. Continue reading “Tax Reform Changes to Businesses”
Tag: TAX REFORM
Tax Reform Changes to Individual Tax Payers Tax Returns through 2025
Like mentioned before there were both benefits and negative impacts brought by tax reform. Most of the negative impact affects the itemized deductions. I have already covered those in another webinar. I will link that video bellow. Continue reading “Tax Reform Changes to Individual Tax Payers Tax Returns through 2025”
New 2018 Postcard-Size 1040 DRAFT Tax Return Released
As promised Filing taxes on a post card from now on, or are we? IRS has released a 2018 DRAFT 1040 Tax return that would fit on a post card. The new smaller size 1040, is intended to replace the old 1040, 1040A and 1040EZ. Continue reading “New 2018 Postcard-Size 1040 DRAFT Tax Return Released”
Standard Deduction vs. Itemizing
In most cases, a taxpayers federal income tax will be less if they take the larger of their itemized deductions or standard deduction. Continue reading “Standard Deduction vs. Itemizing”
Itemized Tax Deductions Post Tax Reform 2018-2025
With Standard Deductions doubling after the Tax Reform it became harder to benefit from the Itemized Deductions. For, Itemized Deductions only start to benefit the taxpayers tax return when they exceed the Standard Deduction. Under the previous law that threshold was $6,500 for single filers and $12,000 for married filing joint filers. After the Tax Reform those amounts increased to $12,000 for single filers and $24,000 for married filing joint filers. Continue reading “Itemized Tax Deductions Post Tax Reform 2018-2025”
Section-199A Qualified Business Income Deduction
One of the best changes, and definitely one of the more difficult regulations to qualify for that came out of the Tax Cut and Jobs Act of 2017 is the Qualified Business Income Deduction for passthrough entities. Continue reading “Section-199A Qualified Business Income Deduction”
TAX REFORM ON 1031 | CRYPTOCURRENCY AND REAL ESTATE INVESTORS
The major change to Section 1031 is the complete repeal of personal property exchanges. The Code section now refers exclusively to real estate assets, and has been retitled, “Exchange of real property held for productive use or investment.” Continue reading “TAX REFORM ON 1031 | CRYPTOCURRENCY AND REAL ESTATE INVESTORS”
TAX CUTS & JOBS ACT
TAX REFORM POLICY HIGHLIGHTS
The Tax Cuts and Jobs Act (H.R. 1) overhauls America’s tax code to deliver historic tax relief for workers, families and job creators, and revitalize our nation’s economy. By lowering taxes across the board, eliminating costly special-interest tax breaks, and modernizing our international tax system, the Tax Cuts and Jobs Act will help create more jobs, increase paychecks, and make the tax code simpler and fairer for Americans of all walks of life.