A New Gift from the Tax Cuts and Jobs Act

A new deduction under the TCJA (Tax Cuts and Jobs Act) gives a break to noncorporate owners of pass-through entities on a portion of their qualified business income. The deduction can reach as much as 20% of qualified business income, though a wage limit does phase in. Generally, this deduction is available to sole proprietorships, partnerships, S corporations, and limited liability companies (LLCs).

Here Are Some Major TCJA Changes Affecting Your Small Business

By this point, small businesses (and their owners) have either filed their 2017 income tax returns or filed for an extension. Now is the time to go over several provisions of the Tax Cut and Jobs Act (TCJA) that might significantly affect taxes for 2018 on out. The changes typically impact tax years beginning after December 31, 2017, and, unless specifically stated, are permanent.

2017 tax filing deadline for pass-through entities is March 15 – here is what you need to know

April 15 isn’t the only important deadline to heed when it comes to filing income tax returns. March 15 is the appointed deadline for federal income tax filing for calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Calendar-year partnerships now share the S corporations’ long-standing March deadline for the second year, in lieu of its usual April cutoff.

Affordable Care Act Taxes Delayed

The government shutdown has drawn a lot of attention to the challenges Congress faces in trying to find a middle ground between the competing parties vision of the future. The legislation that provided a temporary extension in January also delayed the implementing of three Affordable Care Act taxes.