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The New US Tax Reform: Breaking it Down for Your Small Business

The New US Tax Reform: Breaking it Down for Your Small Business

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]

A:
– 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:
https://www.gusto.com/ask-gusto

— If it suits your fancy, follow us on Twitter @GustoHQ

— AND join Talk Shop, our Facebook community for small businesses: https://www.facebook.com/groups/talkshopgroup/
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A breakdown of how the GOP tax plan will impact everyday Americans and corporate America. #Tucker

House passes Tax Reform 2.0

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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The winners and losers in US tax bill – BBC News

Which Americans will be most affected by the new US tax bill – for better and worse?

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The new US tax law, explained with cereal

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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.

Thanks for taking time to check out this video, and our channel. Have a great day and we will see you in the next video!

Donald Trump’s tax reforms, cartooned | The Economist

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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How The New Tax Law Will Affect Your Wallet | Better | NBC News

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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2018 Tax Changes Simplified

Can someone just tell me the jist of the tax changes? This is what this video is about. There are of course many many changes but you might wonder about what the biggest ones are that will affect you without needing to do hours of research. I have summarized it for you to give you an idea and the tax changes are huge. There is no easy answer to see if you will get a lower or higher tax bill since the changes are so complex. There are certain things you CAN do to try to minimize your taxes with this new reform.

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