tax rates

The Tax Cuts and Jobs Act—Estate Tax Relief

The Tax Cuts and Jobs Act (TCJA) has made it easier for you to share your wealth. Prior to the TCJA, the lifetime exemption was $5.49 million. Beginning in 2018, tax reform doubles the exemption to $11.2 million per individual (a total of $22.4 million for a married couple). These limits apply for estate, gift…
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The Tax Cuts and Jobs Act—Expanding the Cash Method of Accounting

PART 6 The Tax Cuts and Jobs Act (TCJA) allows more businesses to use simpler accounting methods, but the new laws still are complicated. So let’s take a closer look at how the changes might alter the way you do business.  For many years the use of the cash method of accounting has been limited…
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The Tax Cuts and Jobs Act—Business Deductions

PART 5 Under the Tax Cuts and Jobs Act (TCJA), business deductions have changed quite a bit. These significant changes, positive or not, will require research and action on the taxpayer’s part. Every business (or the business’s advisor) needs to sort through the various changes and fully understand the potential outcome. Section 179 Expensing Expanded…
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The Tax Cuts and Jobs Act— Individual Changes

PART 4 Let’s get personal this time. The Tax Cuts and Jobs Act (TCJA) made some significant changes to how individuals will pay taxes in 2018. Here are some of the things you need to know: Personal Exemptions Eliminated Beginning in 2018, personal exemptions are eliminated. For 2017, the exemption was $4,050 per person. The…
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Alabama Accountability Act – $15 Million in Credits Remaining

UPDATE, March 6, 2018: The tax credits are no longer available. 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…
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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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