When Main Street businesses have a competitive tax code, local economies grow and prosper, and workers across the country benefit from higher paychecks and more job opportunities. In December 2017, Congress passed the Tax Cuts and Jobs Act (TCJA), the most comprehensive tax reform legislation sinc...
Tax Reform Freed Maxick talks 2018 tax reform The new Tax Cuts and Jobs Act is the single most important piece of tax reform in the last 30 years. It contains tax minimization opportunities for both businesses of all types, and for individual taxpayers. We’re pleased to offer these ...
Choosing the right way of treating prior-years business losses. The fight over whether border-adjustable taxation should be part of tax reform. Building on that list, today we’re going to wade into the boring topic of “tax expenditures.” For those unfamiliar with the term, tax expenditures...
While the tax reform provided benefits to many, independent contractors might not find the system as advantageous as other business types. LLCs have the option to be taxed either as a C-Corp or an S-Corp, which can result in lowering an individual's Social Security and Medicare taxes. ...
shared insights into the potential tax-friendly measures that would both support the country’s economy and taxpayers alike.“To assist micro and small businesses with complying and reducing their operational costs for tax compliance, we would encourage the consideration to introduce a streamlined set ...
methods opportunities will provide a benefit that will reverse over several years (like accelerated tax depreciation), some methods will generally result in perpetual tax deferral that would generally not reverse while the business continues operation (like the cash method and certain...
Josephs, Stuart R
Speaking of your jobs, your marriage could open up some new opportunities to save. Draw up a list of the tax-favored fringe benefits at each workplace. If you can be covered by your spouse's medical plan, for example, it might make better financial sense to go on that ...
tax reform in the country. Notable milestones in the timeline of tax reduction reform include the direct increase of the income tax reduction ceiling from 500,000 yuan to 1 million yuan in 2018 and the elevation of the starting point for small-scale taxpayers in 2021, accompanied by a ...
If you create a corporation or limited liability company, making an S Corp election with the IRS might present some opportunities to reduce your self-employment tax liability. With an S Corp, you generally pay yourself a reasonable salary out of earnings. You can distribute any remainin...