New law has changed the landscape of taxes…..how will it affect you?

New law has changed the landscape of taxes…..how will it affect you? One news station says one thing, another says quite the opposite. I’ve even seen some opinion blogs spread rumors on social media that don’t quite line up with the truth, just for the scintillation effect. How do you know what the law actually says and how it applies to your situation?

Owners of Small Businesses: Changes You will Want to Make in your 2018 Budgets​

Here are a few things you may want to know as you move into 2018. One quick thing, though. This isn’t a comprehensive list of changes. Please schedule a free consultation so we can talk about the intricacies of the new law and how they apply to your business.​

  • Consider the possibility of converting to a C Corp. The tax rate for C Corps is dropping from 35% to 21%.

  • Individuals with self-employment income may qualify for a new deduction

  • This year is a good year to buy assets (machinery, equipment, trucks, real estate improvements, etc.) because of the new depreciation rules. 

​​Choose to take clients to lunch instead of going golfing. Meals are still deductible, but entertainment no longer is. What is best for your business?

How Taxes will Change your Personal Tax Return

Tax brackets are shifting, deductions are disappearing, and the tax landscape will feel pretty foreign. Remember this for your family:

  • Even though you won’t get deductions for your kids, most will qualify for the child tax credit (which is almost always better).

  • You now get to choose between itemized deductions (charitable donations, mortgage interest, etc.) and the standard deduction (2x higher than last year).

  • The fees of big brand tax preparers (H&R Block, Liberty Tax, etc.) are often more than what we charge.

Brad Bradley & Associates are eating, drinking, sleeping, and breathing the new tax law. Why? So they can provide you with bulletproof expertise when you file. Don’t stress. Let us take on the IRS for you.

 

How Will The Tax Law Affect You?