Let’s talk about how the new GOP tax bill will affect you.
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Tax Law changes for 2018 will discuss differences in the tax filing for 2018, filed in 2019, compared to the prior year tax filing for 2017 due in 2018.
For specific tax advice consult a tax professional.
There are many changes to the IRS tax code for 2018 in comparison to the prior year. We will look at an overview of the big IRS tax law changes as an introduction to the topic of taxation.
We will start with a discuss of why we should learn tax and how we can approach the learning of tax law to get the best results.
6:36 Changes to form 1040
We will then discus the changes to form 1040. The form 1040 will look much different in 2018 then 2017, Form 1040 being much shorter in 2018. Forms 1040EZ and 1040A have been eliminated. There are new supporting schedules to the form 1040 however.
10:09 Elimination of Personal & Tax Exemption
We will then discuss the elimination of the personal and dependent exemptions for 2018. Exemptions acted similar to deduction in 2017 and we got an exemption for ourselves, our spouse, and dependents. The elimination of exemptions in 2018 will simplify the tax code and may be offset by the increase in the standard deduction and other changes for many taxpayers.
12:36 Increase in Standard Deduction
There has been a substantial increase in the standard deduction in 2018 tax code as compared to the prior year. Because taxpayers must decide to either take itemize deduction or standard deduction, whichever is larger, the increase in the standard deduction will result in less people itemizing. The elimination of the standard deduction is an attempt to simplify the tax code and will have a positive impact to many lower to middle income people.
15:39 Decrease In Tax Brackets
Tax rates have basically decrease is the simple method of describing the changes to the tax tables. Because we have a progressive tax system our taxes are taxed at multiple rates. Many were hoping we would have less tax brackets to simplify the tax code. We still have a complex tax calculation but we did see a decrease in many rates and positive changes that would lower taxes to most any tax payer if the taxable income was the same. In other words there are two factors for tax liability calculation, taxable income and tax brackets. Given the same taxable income the tax brackets would be less in 2018 then in 2017.
18:34 Child Tax Credit Increase
Child tax credit has increase substantially. The increase in the child tax credit will partially compensate or offset the loss of the exemptions for many tax payers. The child tax credit is up to 2,000 for 2018, up from 1,000 in 2017 and much of it is refundable in the 2018 tax changes.
20:40 Limit on state & local tax deductions
State and local taxes have been capped at 10,000, a very controversial change. State and local taxes are itemized deduction on schedule A and include state income tax or sales tax and property tax. Itemized deduction have already been marginalized with the increase in the standard deduction. The state and local taxes are one of the big factors, along with mortgage interest, that push most people into a point of itemizing instead of taking the standard deduction. This change in the tax law could result in many less people itemizing and could increase taxes for sum, especially those in state that have a high cost of living.
24:58 20% Pass-Through Tax Deduction
The 20% pass-through tax deduction tax law change could have a huge impact on individuals that have small business. The law is complicated however, so may not contribute to the simplification of the law, but could help small business save on their tax bill. Business entity types this law covers includes sole proprietors who report on schedule C, LLCs, S corps, and partnerships.
27:30 New Tax Credit For Other Dependents
There is tax credit up to 500 for non qualifying child dependents. After losing the exemption this credit could help compensate or offset the loss, taxpayers still getting tax savings for supporting a dependent.
29:00 Limitation On Home Mortgage Interest Deduction
The tax law changes have limited the amount of home loan for which the related interest can be deducted to 750,000. Most taxpayers will not have a loan over 750,000 but this change may hurt those who live in high cost of living states. We also loss the ability to write off interest for loans where the the house is used a collateral but the money was not spent on the home.
32:36 Elimination of 2% Misc. Deduction & Casualty & Theft Losses
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Recorded LIVE, tax experts Will and Kenji share how the new tax reform affects small businesses.
We answered top questions from viewers. You can find the time stamps below:
Q: Overall, how does the tax reform affect small businesses? [1:05]
A: You can expect to save money on your taxes, which means it’s a great time to invest in the business, whether that’s hiring more employees, buying more equipment, or expanding.
Q: 95% of small businesses are pass-through entities, and they experience big tax cuts. First, what is a pass-through entity? [3:33]
A: A pass-through entity is either sole-proprietorships or LLCs. It’s a business structure in which the income from the business passes through to an individual’s tax return.
Q: What tax cuts do pass-through entities get? [4:32]
A: You get a 20% deduction for the net profit of the business.
Q: Does that deduction apply to every pass-through entity? Are there limitations? [5:14]
A: There are limits: Not everyone can get the 20% deduction. Compensation is an example: If your taxable income is over 7,000, then that tax deduction will be phased out. Some industries also have limitations, like consulting services or law practice.
Q: Should small businesses switch to a C corp to capitalize on the massive tax cut for C corps? [8:00]
A: No, not necessarily. The pass-through entities also enjoy great tax benefits. Also, C corps are often called “double taxation entity” for a reason. Your entity is set up not only for tax purposes but for legal purposes. Also, if you change to a C corp, it’s a one-way street: it’s hard to change it back. So, definitely consult a tax advisor for your specific situation.
Q: Any changes to the meals and entertainment deductions? I heard they are going away. [10:23]
A: Yes! Meals and entertainment are being reduced from 100% deductible to 50% deductible.
Q: How about other important deductions, like commuter benefits? [12:43]
A: Commuter benefits are now not tax deductible at all for employers. Pro Tip! As a workaround, it might be worth trying to negotiate with your landlord if you can incorporate parking into your rent, which is tax deductible.
Q: Do these tax changes affect our 2017 tax returns, or does it just apply to 2018? [15:50]
A: Nope, it only pertains to 2018 moving forward.
Q: What is Section 179, and what are the changes to it? [17:45]
A: Section 179 allows you to expense equipment purchased for the business. With the new tax reform, it has been broadened and you can deduct even more — from 0,000 to ,000,000.
Q: How can I deduct unreimbursed business expenses without itemizing? [19:21]
A: It depends on the kind of pass-through entity you have. Will goes into more of that here.
Q: Any changes to business expenses that we should know about? [20:35]
Kenji: There are going to be some reductions to the interest expense. This will impact real estate the most. Listen to learn more on that!
Will: There are changes to the standard deductions and the personal exemption on your personal tax return. In fact, that entirely goes away with the new reform. There are some pros and cons with that change.
Q: What should people expect from their CPA? [23:55]
A: They should be proactive and reaching out to you to provide more guidance amidst the changes. Also, share your long-term plans with your CPA because you can be growing your business during this reform.
Q: Are S corps still the best for small businesses?
A: It’s a tax-saving status, so for many businesses, this is still a beneficial path to take.
Q: What are the main takeaways from the reform? [28:17]
– Are there creative, legal, compliant ways to capitalize on the reform changes?
– How can you grow your business?
– Work with your CPA to create a growth path for your business.
About our guests:
Will Lopez is Founder of AdvisorFi.com, an online accounting and consulting firm for the next generation of business owners.
— Check out Will’s YouTube channel! https://goo.gl/Ms26GV
Kenji Kuramoto is the Founder and CEO of Acuity, which builds and maintains financial functions for entrepreneurs and small business.
— Check out Acuity at: https://acuity.co/
This Live Session is brought to you by Gusto. Gusto serves over 40,000 small businesses across the US with a refreshingly easy payroll, benefits, and HR solution.
— To learn about Gusto, visit: https://www.gusto.com.
— For more small business answers, visit us at:
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A breakdown of how the GOP tax plan will impact everyday Americans and corporate America. #Tucker
CNBC’s Ylan Mui reports on the House passing the “Tax Reform 2.0” bill, which would make tax cuts for individuals permanent.
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Rep. Kevin Brady breaks down a possible plan and timeline for new tax cuts on ‘Sunday Morning Futures.’
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Which Americans will be most affected by the new US tax bill – for better and worse?
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There’s a new tax law in town. It passed without a single vote from Democrats in the House or the Senate, and it’s a huge windfall for the richest Americans, including President Donald Trump.
But Republicans didn’t just want any new tax law, they wanted to reform the tax code. To give the richest Americans a big tax cut while still funding the government’s essential functions, like building roads and flying fighter jets, the GOP needed to find tax revenue somewhere else. To do that, they had to start taxing income that used to be tax-free, by closing loopholes and eliminating deductions.
If all of that sounds boring and confusing, fear not. We’ve broken it down in this video. Just don’t blame us if it leaves you craving cereal.
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2018 Tax Changes For Businesses (2018 Business Tax Rules)2018 Business Tax Rules Explained!(Tax Cuts and Jobs Act 2018) 2018 Income Tax Changes for Businesses explained! (2018 Federal Income Tax Rules) . VERY DETAILED AND EASY TO FOLLOW….
Learn about Donald Trump’s new tax laws. Tax Reform 2018. 2018 Federal Income Tax Rules! Downloadable notes included below. The Tax Cuts and Jobs Act bill brings numerous new changes to the world of taxes. In this video you learn how these changes may impact your personal tax return and your business.
You can follow the links here to download the spreadsheet: https://www.dropbox.com/s/kxp38y9kw0zejgc/2018%20business%20tax%20updates.xlsx?dl=0
Video Outline and Time Stamps so you can quickly jump to any topic:
• How to download business tax law updates spreadsheet – 0:37
• Business filing due dates – 2:12
• 2018 Corporate Tax Rates – 2:54
• Depreciation updates 2018 – 4:12
• Standard mileage rates- 6:25
• Meals and Entertainment and Fringe benefit rules – 6:40
• Excessive business loss limitation (IRC 461) – 9:33
• Net Operating Loss rules for 2018 – 10:24
• Business Interest Deduction Limitations IRC 163(j) – 11:09
• Business Research Expense Rules 2018 – 12:10
• Like-Kind Exchanges (1031 Rules for 2018) – 12:45
• Section 199A Deduction – 13:54
• Hobby Loss Rules 2018 – 18:33
• Minimum tax credit refundable for corporations – 19:33
• Important links – 20:08
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All of the information in this video is presented for educational purposes only and should not be taken as financial, tax, or investing advice by any means. I am not a financial adviser. Although I am a CPA I cannot advise someone for tax purposes without knowing their complete tax situation.
You should always do your own research before implementing new ideas or strategies. If you are unsure of what to do you should consider consulting with a financial adviser or tax accountant such as an Enrolled Agent, or Certified Public Accountant in the area in which you live.
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The Republican tax bill might be hard to swallow. In his latest drawing, our cartoonist KAL gives his take on the upcoming reforms.
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A controversial tax reform package is up for a vote in the US Congress. It will have important long-term effects for the US and world economy.
Kal’s job is to wrestle the nerdy subject into drawn lines and laughs, and here’s what Kal need to consider.
Tax cuts and small government are orthodoxy for the Republican Party but even supporters are concerned about this massive and largely unpopular bill. Republicans have been hurrying to pass the legislation while the party has a lock on Congress and the presidency.
They’ve bypassed hearings, avoided scrutiny and ignored economists who warned of trouble. And at over 500 pages, the bill is packed with a smorgasbord of goodies and baddies, many of which are just being discovered on the eve of the vote.
The chief chef of this fast-food fest is none other than Donald Trump. He is desperate to get a legislative victory before his first year in office is out.
Although Mr Trump and his businesses are poised to profit from the bill it’s unlikely that the attention-deprived president has read the entire legislation. It now seems possible that America and the world will have to face the consequences.
A result that may be hard to swallow.
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Rep. Jim Renacci (R-Ohio) on how President Trump’s second round of tax cuts will help the middle class and American businesses.
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Amsterdam partner Lou Berger and Milan Partner-in-Charge Marco Lombardi discuss the international tax challenges facing multinational clients and what clients can expect from a more uniform and coordinated approach by tax authorities.
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Here’s what you really need to know for your 2018 financial planning.
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How The New Tax Law Will Affect Your Wallet | Better | NBC News
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A Moss Adams webcast, presented by Roy Deaver, National Tax Partner, and Ken Harvey, Partner, on January 16, 2018.
Tax reform largely rewrites the international tax system. We’ll cover essential topics for multinational companies and companies considering overseas operations.
This webcast is part of our series on the Tax Cuts and Jobs Act, signed by President Trump on December 22, 2017. The most sweeping change to tax law since 1986, the bill will broadly impact businesses and individuals.
On-demand webcasts are not eligible for CPE.
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PwC partner Mitch Roschelle on the changes coming to U.S. tax laws in 2018.
The White House just revealed their landmark tax reform proposal, here’s what that means for you.
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