Lunch Lesson

Over the past several months, we’ve digested the many tax law changes brought by the Tax Cuts and Jobs Act (TCJA). These changes bring a host of uncertainties as well as planning opportunities. From lower tax rates to a new deduction for pass-through income, the new tax law may mean more cash in your pocket. Some of the ideas may apply to you, some to family members, and others to your business.  The key provisions are:
 
Business

• Meals & Entertainment
• Pass-Through Income Deduction
  • Qualified business income
  • 20% deduction for qualified business income
  • Limitations
• Net Operating Losses
• Business Interest
• Cash Method of Accounting
• Depreciation
• Tax Rates

• Changes to Itemized deductions Schedule A
  • State Taxes
  • Mortgage Interest
    • New Loans vs Old Loans
    • Home Equity
  • Charitable Contributions
  • Miscellaneous 2%
• Alimony
• Education Incentives with 529 Plans
• Kiddie Tax
• AMT
• Tax Rates