birmingham cpa

Alabama Accountability Act – $15 Million in Credits Remaining

Last month, we wrote about the federal tax benefits for Alabama taxpayers that make a donation to a scholarship granting organization (SGO) under the Alabama Accountability Act (AAA). The 2018 annual cap on donations statewide is $30 million. As of February 21, 2018, only $15 million is still available. We believe the remainder may be…
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The Tax Cuts and Jobs Act— Qualified Business Income Deduction

PART 3 One of the most significant (and complicated) provisions of the Tax Cuts and Jobs Act is the new deduction available for qualifying pass-through entities. Subject to limitations, the owner of a sole proprietorship, LLC (single or multi-member), S corporation, or partnership is granted a deduction equal to 20% of “qualified business income.” The…
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The Tax Cuts and Jobs Act—Individual Tax Rates

You’ve probably noticed that every media outlet has been offering endlessly opposing opinions about the Tax Cuts and Jobs Act (TCJA). That’s because it’s complicated. So we’re starting today with a multi-part series examining specific provisions of the new tax bill and what they will mean for you. PART 1 The fact is, it’s impossible…
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State and Local Taxes—Changing Limitations into Opportunities

The recently passed Tax Cuts and Jobs Act (TCJA) limits certain deductions, but there’s a way to transform limitations into opportunities that make a lasting difference. By now you know that the TCJA places a limitation on the deduction for taxes paid at the state and local level. Beginning in 2018, the aggregate deduction is…
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