The Tax Cuts and Jobs Act (TCJA) is the largest piece of tax reform legislation in 30 years and was signed into law on Dec. 22, 2017. For most people, these tax changes impact tax year 2018, and overall, the...
Here’s a comprehensive summary of tax tips for tax year 2018 and tax reform for your business and individual clients. Year-End Tax Tips for Businesses Ramped-Up Depreciation Benefits Business owners are now allowed to fully write-off the entire cost of...
Taxes can be complicated and confusing. So complicated, in fact, taxpayers might be tempted to roll the dice and just skip tax season altogether. Knowing the IRS is watching may be the only thing holding some people back from doing...
For years, being an independent contractor meant paying more taxes, but with the 2017 tax reform changes, the classification of independent contractor may be a much better choice. Before your clients take the plunge into self-employment status or switch employees...
The Tax Cuts and Jobs Act overhauls the Internal Revenue Code and provides broad tax relief to workers, families and businesses of all sizes. Beginning in tax year 2018, tax rates are lowered for individual and business taxpayers, and various tax...
Significant changes in income from month to month, also known as income volatility, may complicate tax filing and planning for critical tax benefits, according to new research published by the Urban-Brookings Tax Policy Center, “Income Volatility: New Research Results with...
The Tax Cuts and Jobs Act was signed into law on Dec. 22, 2017. One of the key measures provides a 20 percent deduction beginning in tax year 2018 on pass-through income from sole proprietors, limited liability companies, partnerships and...
Whether you call them freelancers, independent contractors, solopreneurs, independent workers, consultants, small business owners or participants in the gig economy, the self-employed are a growing part of the U.S. labor force. In fact, Brad Smith, CEO of Intuit®, estimates they...
The IRS defines rental activities as inherently passive, which means that any losses from rentals can only be offset by other passive income. However, if your clients engage in real estate as a trade or business, they can take advantage...
Electing S corporation status is a common strategy that saves self-employment taxes by splitting cash payments to the shareholder between tax-free distributions and wages. However, as Ryan Fleischer (Fleischer v. Commissioner, TC Memo 2016-238) discovered, this strategy does not work...
The Tax Cuts and Jobs Act (TCJA) is the largest piece of tax reform legislation in 30 years and was signed into law on Dec. 22, 2017. For most people, these tax changes impact tax year 2018, and overall, the... 
