The Tax Cuts and Jobs Act (“TCJA”) covers many provisions that are important for business owners and tax professionals to understand. The Act applies to Corporations, S corporations, partnerships (including limited liability companies or LLCs), and sole proprietorships. The TCJA includes changes to deductions (such as the qualified business income (“QBI”) deduction), depreciation, expensing, credits, fringe benefits as well as several other items that may affect the bottom line or the business’s tax liability. The new QBI deduction, or section 199A deduction, allows many sole proprietors and self-employed individuals, partners in partnerships, beneficial owners of trusts, and shareholders

In 2017 the Tax Cuts and Jobs Act was passed, with it brought substantial reform to several parts of tax regulation. One area that saw massive change was the temporary elimination or change of many itemized deductions. Part of these changes was the amount that was needed for individuals to take the medical expenses deduction. Medical deductions have long been a staple deduction for people that suffer from unreimbursed medical bills. Prior to the tax changes, the amount allowed for deduction was any amount over 10% of your annual gross income. This was changed temporarily to 7.5% of your AGI for years 2017 and 2018; however, this was short lived as the deduction has returned to 10% once a

Taxes are due in less than a week, and while many people have already filed there remain the few who have not filed whether it be due to being ill-prepared or lack of information. Luckily, there exists the avenue of the tax extension which will grace people with a six month period to gather their information for filing. This begs the questions, why and how would someone file? There are several reasons someone might need an extension, maybe you’re out of the country, maybe you’re severely ill, or maybe you just can’t find all the information you need. If any of these reasons apply to you, you should continue filing the extension for the extra time to sort out your tax issues. However, there

Keeping up with the series in past posts, we’ll continue to examine different types of business structures. Previously we have examined sole-proprietorships, partnerships, S-corporations, and now we will continue on with the ever popular LLC. LLC stands for limited liability company, and it is one of the newest business structures available. The LLC combines many favorable aspects of both corporations and pass-through entities. Many LLC’s take the ease of structure and operations of smaller business and combines that with the liabilities protections for the owners. First, some of the primary reasons people for LLCs over corporations is because they are less complex and do not require the

This is the first year of filings under Trump’s new tax structure. You need to know what’s new, what’s the same and what you need to do to be best prepared for tax season. Financial expert Roman Basi provides insight on what business owners should be doing to achieve the best outcome at tax time and when it comes time to sell. Host: Cress V. Diglio Guests: Roman Basi, CPA/Attorney at Law/MBA/Managing Real Estate Broker/Registered Title Insurance Agent – ATG The Center for Financial, Legal & Tax Planning, Inc. – Basi, Basi & Associates

In the past week we have covered two of the most common forms of businesses entities within the United States, the sole-proprietorship and partnership. Continuing on our series on business structures and how they can effect business owners, this part will explore the concept of the subchapter S corporation. S-corporations are a sort of mix between your large business that may be a C-corporation and the small, closely held business. S-corporations are pass-through entities like sole-proprietorship or partnership, meaning that they are able to apply the 199A deduction if they qualify. A benefit of the S-corporation is it has an easier structure than a C-corporation due to the smaller nature.