The pros and cons of turning your home into a rental
If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and...
2 min read
L&H CPAs : Feb 12, 2019 8:55:38 AM
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns this spring, so they can plan accordingly.
With the biggest tax law changes in decades — under the Tax Cuts and Jobs Act (TCJA) — generally going into effect beginning in 2018, most businesses and their owners will be significantly impacted. So, refreshing yourself on the major changes is a good idea.
These changes generally affect owners of S corporations, partnerships and limited liability companies (LLCs) treated as partnerships, as well as sole proprietors:
These changes generally affect C corporations, personal service corporations (PSCs) and LLCs treated as C corporations:
These changes generally apply to both pass-through entities and corporations:
These changes generally also apply to both pass-through entities and corporations:
Keep in mind that additional rules and limits apply to the rates and breaks covered here. Also, these are only some of the most significant and widely applicable TCJA changes; you and your business could be affected by other changes as well. Contact us to learn precisely how you might be affected and for help preparing for your 2018 tax return filing — and beginning to plan for 2019, too.
© 2018
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