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Don’t Be a Victim of Tax Identity Theft: File Your 2017 Return Early

Don’t Be a Victim of Tax Identity Theft: File Your 2017 Return Early

The IRS has announced it will begin accepting 2017 income tax returns on January 29th. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17). After all, why go through the hassle of filing your return earlier than you have to? But it can be a good idea to file as close to January 29 as possible because it helps to protect you from tax identity theft. All-too-common scam Here’s why early filing helps: In an all-too-common scam, thieves use victims’ personal information to file fraudulent tax returns...

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New Tax Law Gives Pass-Through Businesses a Valuable Deduction

New Tax Law Gives Pass-Through Businesses a Valuable Deduction

Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of business entity benefiting from the new law. Owners of non-corporate “pass-through” entities may see some major (albeit temporary) relief in a new deduction for a portion of qualified business income (QBI). A 20% deduction For tax years beginning after December 31, 2017, and before January 1, 2026, the new deduction is available to individuals, estates, and trusts that own interests...

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The TCJA Temporarily Expands Bonus Depreciation

The TCJA Temporarily Expands Bonus Depreciation

The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses, bit it also reduces or eliminates others. One break it enhances (temporarily) is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus depreciation enhancements when you file your 2017 tax return. Pre-TCJA bonus depreciation Under pre-TCJA law, for qualified new assets that your business placed in service in 2017, you can claim a 50% first-year bonus depreciation deduction. Used assets don’t qualify. This tax break is available for the cost of...

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Most Individual Tax Rates Go Down Under the TCJA

Most Individual Tax Rates Go Down Under the TCJA

The newly passed Tax Cuts and Jobs Act (TCJA) generally reduces individual tax rates for 2018 through 2025. It maintains seven individual income tax brackets, but reduces the rates for all brackets except 10% and 35%, which remain the same. The TCJA also makes some adjustments to the income ranges for each bracket. For example, the 2017 top rate of 39.6% kicks in at $418,401 of taxable income for single filers and $470,701 for joint filers, but the reduced 2018 top rate of 37% takes effect at $500,001 and $600,001, respectively. Below is a look at the 2018 brackets under the TCJA. Keep in...

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Tax Cuts and Jobs Act: Key Provisions Affecting Individuals

Tax Cuts and Jobs Act: Key Provisions Affecting Individuals

On December 20, Congress completed passage of the “Tax Cuts and Jobs Act” (TCJA), the largest federal tax reform law in more than 30 years. The new law means substantial changes for individual taxpayers. The following is a brief overview of some of the most significant provisions. Except where noted, these changes are effective for tax years beginning after December 31, 2017, and before January 1, 2026. Drops of individual income tax rates ranging from 0 to 4 percentage points (depending on the bracket) to 10%, 12%, 22%, 24%, 32%, 35% and 37% Near doubling of the standard deduction to...

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Tax Cuts and Jobs Act: Key Provisions Affecting Businesses

Tax Cuts and Jobs Act: Key Provisions Affecting Businesses

The recently passed tax reform bill, referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. The bill includes a multitude of provisions that will have a major impact on businesses. Here’s a look at some of the most significant changes. They generally apply to tax years beginning after December 31, 2017, except where noted. Replacement of graduated corporate tax rates ranging from 15% to 35% with a flat corporate rate of 21% Repeal of the 20% corporate alternative minimum tax (AMT) New 20% qualified business income deduction for owners of...

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