Business Tax

2018 Tax Reform-Business Tax Changes

The Tax Cuts and Jobs Act (H.R. I; the Act) provides for major changes to business tax law.  Most of the changes are effective January 1, 2018.  The majority of the business provisions do not expire.

The following are a few changes that may save you significant tax dollars this year and in future years:

  • C-corporations: Are now subject to a flat tax of 21% and the special tax rate for personal service corporations is eliminated.
  • Small business deduction: Probably the most revolutionary addition to the tax law is the new deduction for qualified business income from “pass-through entities,” which also applies to sole proprietorships and rental properties. This provision can provide a deduction of up to 20% of your net “qualified business income”. This new law is too complicated to […]
By |February 8th, 2018|Categories: Announcements, Business Operations, Business Tax, IRS, Real Estate|Comments Off on 2018 Tax Reform-Business Tax Changes

Proposed Tax Legislation – Update

As the proposed tax legislation is going through the reconciliation process, we are continuing to find various articles that delve deeper into certain provisions of the House and Senate bills.  We again found two very comprehensive articles on the Forbes website.  One of them focuses on the provisions of both bills that will effect landlords (click here to read) and the other analyzes who will benefit, and who will not, from the Senate tax bill (click here to read).

By |December 14th, 2017|Categories: Business Tax, Individual Tax, IRS|Comments Off on Proposed Tax Legislation – Update

Proposed Tax Legislation

As proposed tax legislation winds through committees in the House and Senate, heading for votes during the holidays, we thought it would be a good time to take a closer look at the two different bills.  We found two very comprehensive articles on the Forbes website.  One of them compares the bills with existing law (click here to read) and the other compares and contrasts the bills with each other (click here to read).

Take a look and feel free to give us a call to discuss in further detail if you have any questions…and stay tuned for updates!

By |November 15th, 2017|Categories: Announcements, Business Tax, Individual Tax|Comments Off on Proposed Tax Legislation

2017 Tax Planning Guide

With the end of the year rapidly approaching, we are once again reaching out to share our annual Tax Planning Guide with you.  The 2017/2018 Tax Planning Guide is available here www.webtaxguide.net/Bregante.

Sweeping tax law changes that will impact individuals and businesses are outlined in the proposed Tax Plan released by the House Republicans on November 2, 2017 including:

  • Proposed decreases to certain individual and most business income tax rates
  • Repeal of a number of personal tax breaks including the deduction for state income taxes which can be significant for most California residents, reduction in the amount of new acquisition debt for principal residences that qualifies for the mortgage interest deduction, elimination of the mortgage interest deduction for […]

2016 Tax Planning Guide

 

Our 2016/2017 Tax Planning Guide is now available. The election of a new President in addition to Republicans retaining control of Congress could result in significant changes in tax laws in the upcoming year.  Our online Tax Planning Guide will give you access to updated tax and financial planning information throughout the year as legislative changes are made. Feel free to forward it to friends and family who you think might find it interesting or helpful. We hope this guide will prove to be a convenient resource for you throughout the year.  Just a few of the topics covered in the guide are:

  • Changes to some business and individual tax filing deadlines effective in 2017
  • Tax planning for investments and net investment income tax
  • How […]