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With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus depreciation. Typically, taking this break is beneficial. But in certain situations, your business might save more tax long-term by [...]

As posted by Thomson Reuters on 2/12/18 On 2/9/18, Congress passed, and the President signed into law, H.R. 1892, the "Bipartisan Budget Act of 2018" (the Budget Act). In addition to providing a continuing resolution to fund the federal government through 3/23/18, this 2-year budget contains a host of tax law changes. The Budget Act [...]

As posted by Thomson Reuters on 1/23/18 Enacted on 12/22/17, the Tax Cuts and Jobs Act (TCJA) added §199A, which applies to tax years 2018-2025. Under this new provision, individuals, estates, and trusts may deduct up to 20% of their Qualified Business Income (QBI) from sole proprietorships (including farms) and pass-through entities. This means that [...]

As posted to the Harry S. Dent, Jr. You Tube Channel on 1/26/18 https://youtu.be/_NyXg2egGds Harry Dent takes a look back at what we saw play out in 2017 . . . and uses his trademark "cycle analysis" to look ahead to what 2018 will have in store for the markets, currencies and industries across the [...]

Some insurance companies offer employee dishonesty coverage to protect businesses against loss of money and property due to criminal acts by employees. This can be valuable protection. But before you buy a policy, it’s important to understand what you’re getting. What it does In addition to covering businesses against theft of money, property and securities, [...]

The IRS began accepting 2017 income tax returns on 1/29/18. You may be more concerned about the 4/17/18 filing deadline, or even the extended deadline of 10/15/18 (if you file for an extension by 4/17/18). After all, why go through the hassle of filing your return earlier than you have to? But it can be [...]

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses [...]

Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the rules — and not to businesses’ benefit — are meals/entertainment and transportation. [...]

The Tax Cuts and Jobs Act (TCJA) generally reduces individual tax rates for 2018 through 2025. It maintains seven individual income tax brackets but reduces the rates for all brackets except 10% and 35%, which remain the same. It also makes some adjustments to the income ranges each bracket covers. For example, the 2017 top [...]

"Monetary History Repeats Over and Over Again Echoing Back to the Beginnings of Civilization" As posted to the GoldSilver YouTube Channel on 8/13/2013 In this, the second installment of the popular "Hidden Secrets of Money" docu-series, Mike Maloney travels to Greece to learn when, where and why currency became money. Also revealed is one of the most predictable long [...]

Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting from the new law. Owners of non-corporate “pass-through” [...]

Claim for the Last Time on Your 2017 or 2018 Tax Return Based on Entity Type While many provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) will save businesses tax, the new law also reduces or eliminates some tax breaks for businesses. One break it eliminates is the §199 deduction, commonly referred [...]

The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus depreciation enhancements when you file your [...]