January 3, 2018
The new tax law — commonly known as the Tax Cuts and Jobs Act (TCJA) — is 479 pages long and covers a lot of ground. The TCJA includes many expected changes, some unexpected ones and some that didn't make the final cut.
Standard Deduction and Personal and Dependency Exemptions
A big decision for individual taxpayers will be: Should I itemize deductions or take the standard deduction? Under the new law, many more taxpayers are likely to take the standard deduction, rather than itemize deductions. Why? The TCJA significantly increases the standard deduction amounts, starting in 2018, to:
Additional standard deduction amounts for elderly and blind individuals are still allowed.
Unfortunately, the TCJA eliminates personal and dependency exemptions. (Under prior law, personal and dependency exemptions would have been $4,150 each for 2018.)
The TCJA represents a major tax overhaul. It will take time and effort to understand its full effect on your personal tax situation. We can help you take advantage of beneficial changes and avoid pitfalls. And stay tuned for more articles about additional aspects of the new law.
This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community:
According to Forbes.com, Super Bowl viewers traditionally load up on millions of pounds of less-than-healthy foods during the big game—including ribs, pulled pork, tortilla chips, nuts, popcorn and bacon—all washed down with beer (the Super Bowl beverage of choice). If you are trying to stick to your New Year’s resolution to eat better, consider a few healthy substitutes for the traditional Super Bowl eats:
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.