Tax Reform Expands Small Business Accounting Methods

Tax Reform Expands Accounting Method Options for Small Businesses Thanks to changes included in the Tax Cuts and Jobs Act (TCJA), many more businesses can now use the simpler and more-flexible cash method of accounting for federal income tax purposes. The new law also includes some other tax accounting changes that are good news for…

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Long-Term Gains and Dividends Tax

Many Taxpayers Will Pay No Tax on Long-Term Gains and Dividends Do you have long-term capital gains or qualified dividends? If so, there’s good news: After the Tax Cuts and Jobs Act (TCJA), you might still qualify for the 0% federal income tax rate on these types of income. The rate is only available for…

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Tax Reform and C-Corporations

How Tax Reform Affects Tax Planning for C Corporations One of the biggest changes under the Tax Cuts and Jobs Act (TCJA) is the permanent installation of a flat 21% federal income tax rate for C corporations for tax years beginning after 2017. The new 21% rate applies equally to personal service corporations (PSCs). (Under…

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Tax Reform 2.0

Is More Tax Reform on the Horizon? President Trump and Republican lawmakers currently are considering a second round of tax reform legislation as a follow-up to last year’s Tax Cuts and Jobs Act (TCJA). As of this writing, there’s been no actual bill drafted. However, House Ways and Means Committee Chair Kevin Brady (R-TX) just…

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IRS Encourages Taxpayers to Check Withholding

Are you withholding enough money from your regular paychecks? Are you having enough money withheld from your regular paychecks? The Tax Cuts and Jobs Act (TCJA) has made several significant changes to the tax rules for individuals for 2018 through 2025. As a result, many taxpayers who previously itemized deductions are expected to claim the…

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