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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

November 12, 2018
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This insight explores what dealerships can expect from the proposed section 199A regulations under tax reform.
November 8, 2018
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Are you a business taxpayer with annual gross receipts of $25 Million or less? If so, you may be eligible to take advantage of new Small Taxpayer Safe Harbors that could generate significant tax savings and simplify your tax returns in future years!
November 7, 2018
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November 1, 2018
Article
There has been a lot of talk lately about the SCOTUS Wayfair decision. That ruling provides states the opportunity to collect sales tax from businesses making sales in their state, without a physical presence.
October 29, 2018
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As part of the new tax reform law, taxpayers may defer and, in some cases, partially exclude from taxable income capital gains if the gains are reinvested in a Qualified Opportunity Fund.
October 23, 2018
Article
The IRS Section 7520 rate will increase to at 3.6% for November. Near Zero Out Grantor Retained Annuity Trusts, Sales to Intentionally Defective Grantor Trusts and Charitable Lead Annuity Trusts are attractive since interest rates are near…
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