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New tax law changes – Restaurants and Manufacturers big winners

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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

2018 Tax Season Kick-Off Luncheon

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My Fair Flat Tax – Is It Really Fair?

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Would a 14.5% flat tax really be fair? Many Americans are not even sure how much they pay in taxes. With median income at $53,891[1] most American’s would end up paying $7,815 in taxes with a 14.5% flat tax rate which would be more than their  income tax of $7,176 under the current tax code.

Also, Rand Paul’s flat tax would eliminate FICA with a combined tax rate of 7.65% on wages, however, this would have seriously detrimental effects on social security and medicare which are becoming deeply ingrained in the United States as more and more Americans reach retirement age or rely on the medical subsidies of medicare.

Food for thought – the 15% tax bracket stops at $36,900 for single taxpayers and $73,800 for married taxpayers. Who would this flat tax really benefit?

[1] source Sentier Research/CNN.com