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Major tax changes are taking place in 2018 as a result of the Tax Cuts and Jobs Act passed on December 22, 2017. These changes will affect both businesses and individuals. In order to see how this new law will impact your 2018 taxes, we can provide a projection applying the changes to your personal tax situation using your 2017 income tax data. Any income tax projections and tax planning or consulting services will be billed at our standard hourly rates. If you like to take advantage of this opportunity to

On Friday, May 18, 2018 join BWTP for our latest installment of our Education With a Bite series. That day we will be joined by David Ressner, a wealth advisor at Buckingham Strategic Wealth, to talk about finding and affording a great college education. For more information, please click on the link below to view the event flier. You may also contact either Angie Thomas at athomas@bwtpcpa.com or Becky Dell at rdell@bwtpcpa.com. May 2018 Education With A Bite

A 529 plan is a tax-advantaged investment account offered in the United States as a means to save for higher education expenses for a beneficiary. Many states offer their own version of a 529 plan. 529 plans are no longer just a tax effective means to save for college. Among many changes in the recent Tax Cuts and Job Act is a provision allowing you to distribute up to $10,000 per beneficiary during the taxable year for tuition expense incurred in relationship to a public, private or religious elementary or

One of the many changes to the tax code modifies the deductibility of meals and entertainment expenditures by businesses. The following modifications apply to tax year beginning after December 31, 2017. Below is a list of updated provisions for meal and entertainment expenditures under the new tax law: Entertainment expenses are not deductible unless specific exceptions are satisfied. Office holiday parties remain 100% deductible under the new tax law. Meals paid for while entertaining clients remain 50% de

The Tax Cuts and Jobs Act covers a wide variety of tax changes. In the retirement plan world, before the final bill was passed, there was a lot of talk about reducing contribution limits and/or requiring Roth Deferrals as opposed to pre-tax deferrals. Thankfully, neither of these proposals are in the final approved Act. There are however a few changes. Re-characterization of Roth IRA contributions: Traditional contributions can still be converted to Roth. Roth contributions can still be converted to traditi