The new US tax law, explained with cereal

We’re a few Crunch Berries short, friends.

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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 Explained!) Tax Cuts and Jobs Act 2018

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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***Disclaimer***

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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Click Here to Leave a Comment Below 37 comments
Vox

If you want more context, read this article from our website that goes into more detail on the tax bill: http://bit.ly/2qWUe9h

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jared brown

But according to the Congressional Budget Office the top 20% earn 51.3% of all income and pay 84% of the income tax

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M. Sanchez Duncan

This is so hypocritical. Who put America 10 trillion in debt? Your beloved Obama.

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LoneGRo

I had to listen to this a whole bunch of times to get what your talking about…. And what I get is that this is assuming way to much and is lacking information to prove the future figures you re referencing…

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LoneGRo

How bout if the government does less? Starting with pensions paid to politicians; than auditing useless programs that aren't efficient…. As far as taxes how bout we all pay a % of our taxes % per brackets the poorest shouldn't pay taxes (at the same rate they shouldn't get a whole bunch of money back)… And that's it we pay and no loop holes wholes….. And when this money isn't enough government becomes smaller… No tax cuts but lower taxes……

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???

None of this works. If you want to debate in the reply section to this comment, let’s debate.

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dyscea

Researcher is angry.

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Echo Studio

Show me the law!

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Jon Bradford

I think this is a pretty biased perspective cause it assumes that the money the government "needs" is what we the people "want" them to spend money on. If that amount (government spending) is decreased then this broadening of the tax base could be sound in thinking. The governments budget is always out in front of reality, meaning a tax cut seems like a big deal because it reduces the amount that those lawmakers had intended on making (taxing) the next year to pay for what they want to spend it on.

You and I have to deal with the limitations on the income we receive…we can't print more money for ourselves or insist our wealthy friends give us some of their money, nor can we spend money we don't have on everything we want…even if it is for a good cause.

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General Bacon

Thank you Vox. While this was a good explainer and had a great cereal analogy, the overall content would benefit from arguments on both sides of the aisle. And don't dislike me, thinking i'm some small minded conservative who wanted to take a hit at vox, I am a democrat who appreciates vox's content and wants them to be great!

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Libertards Beware

Laffaire Curve bruh

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mnguyea

Maybe this should be 101 for all those drumpster fire people who voted for Agent Orange thinking he/GOP will help them. The only people he is helping are his rich friends and lining their pockets with lobbyist money. Good luck West Virginia and States alike. You voted in the biggest fraud into the Oval Office.

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Dost Thou Even Logic Brethren?

Trump's new corporate tax rate:28%
Canada's corporate tax rate: 10-15%.

Tell me again Vox, how you guys want to be more like us…

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Smooth Shifter

By "government needs" he truly means unnecessary bullshit they waste our money on.

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Jonathan Behrmann

But what if they government didn’t pay for unnecessary things? Then they would still have enough cereal.

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Emperor Yongle

the most one sided video ever.

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Davin Duongmeas

Booooo bias booooooo

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Merika Ramocan

A fair, territorial system based upon formula apportionment will tax the profits of companies as the price of access to US consumers. American companies can export tax free. Tax haven abuse will be nearly eliminated. Our companies should not be taxed more than global companies with armies of accountants and lawyers. Sign our petition to tell Congress that we need a Sales Factor Apportionment for a truly America First tax system!

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Jack Stenson

Don't rich people pay the most tax, so wouldn't it be fair that they would benefit most from a tax cut due to them paying more than everyone else? Honest question.

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Stickler ForBricks

fake news

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Money and Life TV

Hi everyone I'm posting this comment on December 23rd of 2018. I Just released a VERY Detailed video on the 199A deduction. That video can be found here. https://youtu.be/P483VTg56Lw

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Sherea Hallberg

did you make a new 199A video now that IRS has completed the rules?

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Gerald's Videos

Thanks for this.

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MrEverythinkistaken

Hi, great video. Can you post a link to the spreadsheet. Thanks

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rima bassil

i couldn't download
the spread sheet

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Courtney Allen

The best

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Debt Not Allowed

Great Information Thank You!!!

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Alfred Burgos

Thanks!

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Jose Ignacio

Thank you so much! Do you have any information about international sales/income?

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Anand Mehta

Great thanks again. Also if you have a video specifically for Medical Practices and how we can deduct expenses, pay roll etc

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Anand Mehta

Fantastic video thank you!

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Andrew Mitchell

Thanks very much for the video. I think that this is the benefit for most people who don't spend a lot on their entertainment and eating out expenses to customers.. then there would be a few downsizings!

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Ozzie Lomeli

Any tips on how to legitimize an online business? My wife hand makes items and sells them on Pinterest and Etsy. She also sells her items at Craft fairs.

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MrJules

Ah! Finally you've brought this info lol, I was requesting this a few months ago haha…

As always, your video is full of valuable info. Thanks mate!

Cheers!!

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Jorge Serna

AWESOME………

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HappyTemp

Thanks a lot for the info. I learn more about taxes when I visit you channel than when I visit my tax prep, the best thing is, your videos are free jiji Keep them coming… Thanks again.

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A Merry Life

Very interesting! I think next year will be the first year I get someone to do our taxes. With our side income growing I think it will just be easier to let someone else know all the rules. 🙂

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