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New tax law changes – Restaurants and Manufacturers big winners
Of all the new tax law changes effective January 1, 2018 – Restaurants and Manufacturers are lined up to receive significant tax benefits.
Section 199A Deduction for Qualified Business Income(QBI) of Pass-Through Entities – The new QBI deduction will greatly benefit non-“C-corporation” ( taxpayers especially those with taxable income over approximately $300k.
Make sure your business is eligible and ready to take advantage of these new tax benefits – schedule your tax consultation today.
Schedule through our website or email us at Contact@MrSmartTax.com
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7 Tax Strategies to take advantage of before year end and in 2018
Tax Cuts and Jobs Act
was signed December 22, 2017 by president Donald Trump.
Coming late in the tax year, the passing of the tax law changes leaves little time to make smart tax moves before year end.
The following is a list of 7 popular tax planning moves you can make before year end and in 2018 to save money and reduce taxes. Please note that this is a general list of tax planning strategies and you should speak with our tax experts to see if you qualify for any of the following tax planning strategies.
- Accelerate your charitable giving into 2017 if you will take the standard deduction in 2018
- Pay off home equity line of credit before year end if you don’t plan to borrow against the HELOC in 2018
- Pay 2018 home real estate tax April installment before year end. Consider AMT and NIIT.
Pay 2017 estimated state taxes before year end. Consider AMT and NIIT. - Accelerate paying your 2017 medical expenses into 2017 if you will take the standard deduction in 2018
Pay 2017 HSA contribution before April 17, 2018 and have it applied to 2017 tax year. - Pay 2017 Traditional IRA or SEP IRA contribution before April 17, 2018 and have it applied to 2017 tax year. Note that the due date for establishing and funding a SEP IRA can be extended with an applicable tax extension filing.
If you have any questions please contact us and speak with one of our tax experts. 800-425-0570 or email contact@MrSmartTax.com
Written by Michael R. Arrache CPA, EA
December 23, 2017