Tax Warrior Chronicles

Top 5 Blogs of the 2019 Tax Season

Posted on Mon, Oct 28, 2019

By: Eric R. Elmore

 

The 2019 tax filing season has finally concluded, and not a moment too soon.  Americans filed the first full year of income under the Tax Cuts and Jobs Act of 2017 (“TCJA”), the most sweeping revamp of the tax code in more than 30 years. Today’s post is a snapshot of the blogs that were most read by our subscribers over the course of the filing season. It’s a good indication of what was on the minds of our readers while filing their returns. Did any of these play out in your tax planning?

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The New Tax Law: 2018 Year-End Planning Tips for Businesses

Posted on Wed, Nov 28, 2018

The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017, and became effective on January 1, 2018.   For many businesses, the TCJA provides benefits such as reduced corporate tax rates, removing the corporate alternative minimum tax, and a new pass-through business income deduction.  However, many tax planning ideas go beyond the big-ticket items.  The Tax Warriors® at Drucker & Scaccetti are here to provide some of the top year-end tax planning tips.

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New 20% Qualified Business Income Deduction: An Intro to §199A

Posted on Wed, Feb 21, 2018

As part of the Tax Cuts & Job Act, passed on December 22, 2017, a new provision with significant planning opportunities was added to the tax law.  At its simplest level, the Qualified Business Income (QBI) deduction allows individuals a §199A deduction of up to 20% against income from passthrough businesses (partnerships, S corporations, and sole proprietorships) for tax years between 2018 and 2025. The deduction can have significant benefits, potentially decreasing the effective tax rate on business income from 37% to 29.6% for those in the top bracket.

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