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Tax Reform Central: Find Everything About the Tax Cuts and Jobs Act
By Mike Jesowshek, CPA | Taxes
By Mike Jesowshek, CPA | Taxes
After over 30 years of little changes to the tax code, the “Tax Cuts and Jobs Act” (H.R. 1) delivered a major change to the law for 2018. The changes affect both individuals and business owners, so careful planning and analysis are needed to make the right financial choices. We have compiled the best coverage of the tax reform issues below. This is just the start and our initial reactions. Stay posted as we learn more and more about this tax law throughout the year.
Business Issues
What Does Tax Reform Mean to Business Owners? – 1/30/2018
Now that tax reform is a reality, business owners of all shapes and sizes need to review their business structure and the possible tax ramifications. This article reviews the different possibilities for pass-through entities. These are complicated calculations and expert advice is highly recommended.
Medical
Medical Deductions; The New Tax Law – 1/23/2018
The Tax Cuts and Jobs Act retained the medical deduction going forward, but with some new caveats. If you have high medical costs there are some planning strategies you can use to make sure you maximize your possible tax savings.
Employee Tax Issues
The TCJA’s Significant Tax Benefits for Employees Who Become Contract Workers – 1/17/2018
The Tax Cuts and Jobs Act changed the rules on reimbursed expenses and is causing many to consider working as a sole proprietor. This is a significant issue that includes some risk, both from the loss of job security and potential compliance issues with the IRS. This overview from the Tax Policy Center goes over the top level issues.
Home and Mortgage
New Tax Law Cracks Down On Home Mortgage Interest – 1/16/2018
The Tax Cuts and Jobs Act made significant changes to the deductibility of home mortgage interest. This includes changes to the primary and secondary home limitations. If you own a home or secondary homes, it is important to understand how these tax law changes will affect you.
Payroll
Will Your 2018 Withholding Be Right? – 1/15/2018
The big promise of the new tax reform legislation is the bump in pay coming from the lower tax rates. The IRS recently released the new withholding tables that will allow taxpayers to adjust their take-home pay.
Business Expenses
2018 Standard Mileage Rates Announced – 1/11/2018
The IRS updated the inflation-adjusted standard mileage rates for 2018. Tax reform has also brought into consideration new employee/business relationships when it comes to reimbursable expenses.
Tax Reform
2018 Pocket Tax Guide Online Edition – 1/9/2018
Feel free to bookmark the ultimate guide to the recent tax law changes and updated tax and financial tables. This 7-page guide can be referenced for many taxes and financial questions that arise throughout the year.
State Tax Issues
State Strategies to Preserve SALT Deductions for High-Income Taxpayers – 1/05/2018
High taxed states have been on the defensive on how they can answer the new federal limits on state and local tax deductions. States like New York, New Jersey, and California have been very vocal about changes in the state code that would provide resident taxpayers some relief from these lost deductions. Tax Foundation has compiled an overview of the different proposals and whether they are feasible.
Tax Reform
Tax Reform and Your Taxes – 12/26/2017
This excellent review, details the new tax rates, deductions, credits and more from the Tax Cuts and Jobs Act. The article is geared for individual taxpayers.
Tax Reform
Tax Reform Special Report – 12/17/2017
This unique side-by-side comparison of the old tax code to the new code has been a great reference for taxpayers and business owners. The table highlights the predominate changes and makes it easier to see how the law changes might affect you.
Mike is the Managing Partner of JETRO and Associates. Mike has spent the majority of his career as an entrepreneur. He was CFO and co-founded several companies and has experience in all business stages. He set out on a mission to help businesses that have seen and lived the same experiences he did in business. This is how JETRO was built. He has been in the shoes of many small business owners out there and his end goal is to help them in one area that most business owners are not familiar with, accounting and taxes. Mike earned his Bachelor’s degree in Business Administration and Masters degree in Accounting. He is a licensed CPA in Wisconsin. He is also a Registered Tax Planner. When Mike is not in the office you can find him spending time with family and friends. He is also an avid sports fan and you can often find him rooting for his Brewers, Badgers, Bucks, and Vikings (yes, it's true).
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