On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and JobsAct” (TCJA), the new law means substantial changes for individual ...
... 21% corporate federal income tax rate under the Tax Cuts and JobsAct (TCJA) makes buying the stock of a C corporation somewhat more attractive. Reasons: The corporation will pay less tax and generate ...
The massive changes the Tax Cuts and JobsAct (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal ...
... states. But with the Tax Cuts and JobsAct (TCJA) limiting that deduction to $10,000 ($5,000 for married couples filing separately), this will be less help — at least through 2025, after which the limit ...
... must be eligible to receive tax-deductible contributions. 2018 planning While December’s Tax Cuts and JobsAct (TCJA) preserves the charitable deduction, it temporarily makes itemizing less attractive ...
... standard deduction. Due to changes in the Tax Cuts and JobsAct, which generally went into effect in 2018, many taxpayers no longer itemize. Eligible medical costs include many expenses other than hospital ...
... Reminder: Under the Tax Cuts and JobsAct, bonus depreciation is being phased down to zero in 2027, unless Congress acts to extend it. For 2023, the deduction is 80% of eligible property and for 2024, ...
... property. Before the Tax Cuts and JobsAct (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But currently, there are restrictions that make these deductions harder to ...
... cut drastically in 2026 to the 2017 level when the related Tax Cuts and JobsAct provisions expire (unless Congress acts to extend them). Making large tax-free gifts may be one way to recognize and address ...
... estate, thereby minimizing estate taxes. Proactive estate planning may be especially relevant today, given changes to the federal estate and gift tax regime under the Tax Cuts and Jobs Act. For 2023, ...
... for sale. Important change Under the Tax Cuts and JobsAct, tax-deferred Section 1031 treatment is no longer allowed for exchanges of personal property — such as equipment and certain personal property ...
... would be unreimbursed employee business expenses that are nondeductible from 2018 to 2025 due to the suspension of miscellaneous itemized deductions under the Tax Cuts and JobsAct. And if you financed ...
... rather than real property. Although the relative costs and benefits of a cost segregation study depend on your particular facts and circumstances, it can be a valuable investment. The Tax Cuts and Jobs ...
... expenses that can’t be deducted because of these limitations can be carried over and deducted in later years. Do employees qualify? Unfortunately, the Tax Cuts and JobsAct suspended the business use ...
... of reasons. For 2020 (and 2019), you can deduct medical expenses only if you itemize deductions and only to the extent that total qualifying expenses exceeded 7.5% of AGI. The Tax Cuts and JobsAct nearly ...
... 2018 through 2025 under the Tax Cuts and JobsAct. However, if you’re self-employed and work out of an office in your home, you can be eligible to claim home office deductions for your related expenses ...
... to deduct 100% of the cost of certain assets in the first year, rather than capitalize them on their balance sheets and gradually depreciate them. (Before the Tax Cuts and JobsAct, you could deduct only ...
... rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are you going to itemize? The Tax Cuts and JobsAct (TCJA), signed into law in 2017, didn’t put new ...
... of any property contributed, and whether you got anything in return for your contribution. And, in order to get a charitable deduction, you must itemize. Under the Tax Cuts and JobsAct, fewer people ...
... required minimum distributions (RMDs) is going up from 70½ to 72. It will be easier for some taxpayers to get a medical expense deduction. For 2019, under the Tax Cuts and JobsAct (TCJA), you could ...