With the Tax Cuts and Jobs Act in effect for 2018, many taxpayers will face changes in the benefits of charitable giving. It is possible to stay ahead of the tax implications with the appropriate proactive planning.
As a result of the significant changes made by the Tax Cuts and Jobs Act, some S corporation owners may consider converting their business entity type to a C corporation to enjoy the lower 21% tax rate.
A new school year brings you another year closer to sending your child off to college. Don’t put off saving for this important investment another year.
Section 199A—commonly referred to as the “20% pass-through deduction,” provides a deduction of up to 20% of income from a domestic business operating as a sole proprietorship or through a partnership, S corporation, trust or estate.
Resources specifically around the Tax Cuts and Jobs Act of 2017.
The federal tax reform package has many far-reaching effects for businesses. While the reforms only address federal taxes, the implications will also affect a large number of states depending on how strongly state relies on the federal law for its own tax revenue.
Many of the 2017 tax reform changes offer planning opportunities for 2018 and beyond. Consulting with your tax specialist is the best way to plan, but here are a sampling of opportunities should know about.
Major changes to the current tax law occurred with the Tax Cuts and Jobs Act including credits and deductions for both individuals and businesses.
The Louisiana Department of Revenue implemented new tax withholding tables on February 16th to comply with the federal tax reform. Although federal income taxes decreased because of the new tax law, Louisiana state income taxes will increase due to a clause in the state constitution linked to federal income tax policy that allows one tax to increase while the other tax decreases.
Meals and entertainment expenses have always been popular deductions for business owners, check out the new guidelines in the Tax Cuts and Jobs Act.
What you need to know. The sales tax and use tax rates are both 7% for the state of Mississippi. Sales tax is applied to the sale of tangible personal property and various services. Use tax is applied to goods purchased for use, storage or other consumption in Mississippi.
With the end of the 2017 calendar year quickly approaching, now is the time for year-end tax planning for both businesses and individuals.
The new standard mileage rate for 2018, extended deadlines for supplying Affordable Care Act (ACA) Forms and updates to the IRS Income Tax Withholding Table
With the impending tax reform expected in the near future, it’s important to take full advantage of the current tax credits that are available for private-sector businesses. One tax credit that provides a substantial benefit to construction business owners is the Work Opportunity Tax Credit (WOTC).
A comparison of the tax law for businesses following the passage of the Tax Cuts and Jobs Act. Highlighting the tax rates/ brackets, deductions and accounting methods.
A comparison of the tax law for individuals following the passage of the Tax Cuts and Jobs Act. Highlighting the tax rates/ brackets, deductions/exemptions, estate, gift and generation-skipping transfer (GST).
Some of the earliest guidance will end up being issued in the form of IRS announcements, notices, and FAQs, along with revenue rulings and revenue procedures.
For many banks, an ESOP is a tax-effective way to increase their employees’ retirement accounts and their sense of belonging. Here’s what you need to know.
Programs like the NMTC Program seek to infuse struggling communities with new capital from business investors who receive tax credits for their contributions.
The 1099 Guide is a reminder of who should get a 1099 and the process of determining the amount to report.
To ensure you’re not missing any pertinent information, we’ve compiled a checklist of the not-so-obvious items that you may need to provide your tax-preparer.
HORNE LLP discusses proposed Tax Cuts and Jobs Act, including the most relevant individual, pass-through, and corporate provisions of the legislation and how the impending changes will impact you in 2018 and beyond.
Here’s a look at a few of the misconceptions that have cost businesses millions in missed tax credits over the years.