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THURSDAY TAX TIDBITS

Tax Tip: Start Planning Ahead!

 It is never too early to start thinking about the upcoming tax season. Don't procrastinate and be prepared for the tax reform changes that have been implemented this year. Under the Trump Administration, there have been several tax changes that may impact you or your business. Here are some changes that may impact you:
Tax Reform: Business Impact
There are many business considerations, including the corporate tax rate, limitations on net interest expense, full expensing of business assets, changes to net operating loss deductions, limitation of like-kind exchanges, limitation on deductibility of FDIC premiums, corporate alternative minimum tax, rules for recognition of income, changes to business tax credit, the modified limit on excessive compensation, and the modified deduction for meals and elimination of entertainment expenses. Not being able to claim the same expenses as before may lead to higher taxes!
Tax Reform: Individual Impact
Individuals will have changes to their ordinary income tax rates, the QBI deduction, the ACA mandate, their exemptions and deductions, limitation on losses, estate and generation-skipping transfer taxes, and many other items to consider. Receive the best refund you can get by planning ahead and preparing your personal financials!

 These tax changes can feel confusing! Our accountants at Cunningham Tax Help can help you and explain what is best for your situation. We are open Monday through Friday from 9 AM to 5 PM; contact us by email or phone at: thetaxlady4u@gmail.com or 253.581.1461

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