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I’d Like A Clearer Picture of Tax Reform

Planning is key.

As the largest tax reform legislation in the past 30 years becomes reality, it is important to stay up to date on planning opportunities and how reform may impact you and your business.

The Tax Cuts and Jobs Act affects all taxpayers, but many aren’t aware of the extent of that impact. You likely have questions such as:

  • What’s included in tax reform?
  • How does tax reform impact me and/or my business?
  • What can I do now to save money?
  • What deductions and credits are available?
  • What am I not considering, that I should be?

The resources you put into planning now could save you time and money in the future. Planning allows you to take advantage of currently available credits and deductions, as well as model various scenarios to select the option best suited to position you and/or your business for success.

Unsure where to begin? You’re not alone.

It’s time to explore your options. Schedule a meeting with your tax advisor today!

Tax Reform: Business Impact
There are many business considerations, including, but not limited to, the corporate tax rate, pass-through QBI deduction, limitations on net interest expense, full expensing of business assets, changes to net operating loss deductions, limitation of like-kind exchanges, limitation on deductibility of FDIC premiums, corporate alternative minimum tax, rules for recognition of income, changes to business tax credit, the modified limit on excessive compensation, and the modified deduction for meals and elimination of entertainment expenses. 

Tax Reform: Individual Impact
Individuals will have changes to their ordinary income tax rates, the QBI deduction, the ACA mandate, their exemptions and deductions, individual AMT, limitation on losses, estate and generation-skipping transfer taxes, and many other items to consider.

An Informed Approach
Eide Bailly has created a variety of resources to help our clients digest tax reform. You can listen in on one of our recorded webinars:

Or view an insight:

Latest Insights

September 18, 2018
Article
As the largest tax reform legislation in the past 30 years becomes reality, it is important to stay up-to-date on planning opportunities and how reform may impact you and your business. Our Tax Reform: Practical Insights examples aim to break down…
September 18, 2018
Tool
Get ahead of tax season with the Eide Bailly Tax Planning Guide. A supplemental strategy guide to help guide year-end and make the tax laws work for you.
September 7, 2018
Recorded Webinar
The Tax Cuts and Jobs Act, the most comprehensive tax legislation in the past 30 years, has brought about many changes and opportunities for business owners to consider. One big change is the Section 199A – 20% deduction for Qualified Business…
August 28, 2018
Article
Recently, more companies in the manufacturing industry are becoming involved in foreign transactions, including exporting. However, many are not aware that they can improve their cash flow and reduce their U.S. tax liability through the use of the…
August 28, 2018
Article
If you’re a company with foreign sales, one suggestion for tax relief is setting up an IC-DISC. What is an IC-DISC? The Interest-Charge Domestic International Sales Corporation, more commonly known as the IC-DISC, is an export incentive…
August 20, 2018
Video
Are you building or remodeling a building that is 50,000 or more square feet? By including energy efficient components into your plans, you could benefit from the Section 179D energy efficiency deduction.
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