The 2018 Tax Cuts & Jobs Act brings sweeping changes to business. To identify just a few, there is a new 20% business income deduction, lower tax rates for corporations, and big changes for the deduction of business meals and entertainment expenses.
Here at MD Advisors Group, we are ready to assist you with understanding how you and your business may be impacted by these changes. We can also help you identify any changes you may want to make to your business structure and operations.
Click here for recap, as we know it now, of the complex new rules and attempt to reduce or eliminate deductions for meals, entertainment, and employee related recreational and social type expenses. You may want to consider adding to or expanding your chart of accounts to make sure you can identify and deduct as many of these expenses as possible. Lumping everything into one expense code will make it very difficult to maximize your tax deductions for these expenses.
Please let us know if you are interested in having us assist you with any tax planning or accounting needs to best position your business for this massive and complex overhaul of the tax code.
Here at MD Advisors Group we are dedicated and ready to assist you with both understanding and taking advantage of the changes resulting from the 2018 Tax Cuts & Jobs Act. To get started,Click here, for a two-page summary that lists the highlights of what is changing and what is being retained.
The new law represents a major overhaul of the tax code that will affect most of us. For those of you that have wages, your withholdings are changing now, but it is uncertain when the IRS will actually release a new W-4 to replace the old one. This means you won’t know if you are having enough tax withheld during 2018.
For those of you that submit quarterly estimated tax payments, there will be uncertainty on whether you are paying in too much or not enough. This could result in underpayment penalties or unintended overpayments giving the government your money, interest free.
We have software to prepare a summary analysis for you as soon as we can after April 15. We will take your exact 2017 tax return and enter it in the 2018 tax calculator software. There is no appointment needed for this analysis. We will send you an easy to understand report which will help you understand and determine if you need to adjust your withholdings or estimated tax payments.
The cost for this service is just $75. Just let anyone of us know if you are interested and we can add you to our list. Your report will be mailed by May 1st. For those of you that know you will have significant changes in 2018, you may not benefit from this analysis, but rather may want to schedule an appointment to have us assist you with the preparation of an actual TAX PROJECTION for 2018 based on 2018 assumptions. The fee for this service will be based on the amount of time we incur, but would be a minimum of $175. You can let us know also if you want to go with this option so we can contact you after April 15 to schedule the appointment.
We look forward to working with you in 2018 and assisting you with navigating the largest and most complicated overhaul of the tax code since Reagan was president.