jody's blog

Become more tax savvy in 2018

Our tax code is massive, complex, and constantly evolving. Understanding the tax system seems daunting, but is essential for individuals and especially for every business owner. Many decisions we make have tax consequences that can affect our wallet. As you navigate the new 2018 tax reform changes, make this the year you become even more take savvy by learning the ins and outs of the tax code, and create comprehensive strategies to get back the most from the IRS. Here are a few early steps to get you started: Need more expertise, give our office a call today!

New Tax Reform Impacts Your Business

The monumental new tax law has been hailed as a big win for businesses. For starters, the bill lowers the corporate tax rate to a flat 21% on all profits. Businesses can expect many changes this year. Here's a highlight of some of the more significant updates:

Pass-through businesses: There is now a 20 percent deduction for all pass-through businesses.

Deductions: Married individuals who own service-based businesses can only receive the 20 percent deduction if they make under $315,000 per year ($157,500 if single).


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