Tax deduction

Is Your Business A Specified Service Business?

The Tax Cuts and Jobs Act (TCJA) created a new deduction for qualified business income. However, business income that comes from a specified service business is not eligible once taxable income reaches a certain limit. So, what is considered a specified service business? The IRS defin

Are You Eligible for the New Business Income Deduction?

The Tax Cuts and Jobs Act (TCJA) made significant changes to the tax law, most notably the addition of a new deduction for qualified business income. Qualified business income includes the ordinary income from sole-proprietorships, single-member LLCs, partnerships, S-corporations, and

2018 Year-End Tax Planning

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Year-end planning for 2018 takes place against the backdrop of a new tax law — the Tax Cuts and Jobs Act — that make major changes in

How The New Tax Law May “Drive” Your Decision Making

The Tax Cuts and Jobs Act revamped tax depreciation in several ways, one in particular being the way vehicle depreciation limits are calculated. Below is a summary of the vehicle depreciation limits prior to the new tax law vs. the vehicle depreciation limits under the new tax law. Pl

What You Need to Know About Residential Energy Credits

When you switch to a Solar Energy System or make any energy saving improvements to your home, residential and commercial owners are allowed a credit of up to 30 percent of the cost of the system, as well as installation. The credit is 30 percent from 2016-2019, but then continually dr