We are Tax Reform Advisors
February 6, 2019
The Tax Cuts and Jobs Act (TCJA), passed in December 2017, has been highly advertised as a simplification to the income tax preparation and filing process.
In fact, the TCJA is the largest tax overhaul since the 1986 Tax Reform Act and has complicated the process of completing income tax returns. It will affect every taxpayer differently. One “simplification” was to nearly double the standard deduction ($12,000 for individuals and $24,000 for […]
Catch-up retirement plan contributions can be particularly advantageous post-TCJA
November 27, 2018 – Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions can be particularly […]
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TCJA changes to employee benefits tax breaks: 4 negatives and a positive
May 6, 2018 – The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also […]
Meals, Entertainment and Transportation May Cost Businesses More Under the TCJA
January 29, 2018 – 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. In effect, the […]