Tag - tax bill

Tax Cuts and Jobs Act- August 24th

  Dear Clients and Friends, In late 2017 Congress passed a significant tax bill called the TCJA, (Tax Cuts and Jobs Act) which resulted in lower total Federal income taxes for many Americans. Most Americans pay their Federal income tax through withholding taxes taken out of your check every pay period. At the end of the year, many people find that they have overpaid and receive a nice Federal tax refund.   The law changed this year will result in less total tax, but [...]

Are You a Favored Business, The New 20% Pass Through Deduction can Make a Big Difference in Your Tax Bill, SFS Tax, SFS Tax and Accounting, Ball of Money, Silhouette, Loking for Tax Favored Status

Are You a Favored Business? The New 20% Pass-Through Deduction Can Make a Big Difference in Your Tax Bill

One of the winners from the Tax Cuts and Jobs Act of 2017 are pass-through businesses… but only at certain income levels, and then for only certain types of businesses. What’s the Deal? New tax code Section 199A creates a totally uncomplicated 20% tax deduction on qualified business income if you operate a sole proprietorship, partnership, an LLC or an S corporation and you: Are married filing jointly with less than $315,000 in taxable income, or Are a single filer with less [...]