Tax Cuts and Jobs Act (TCJA) Do you Know the New Laws?
While it feels like 2018 just began, it’s definitely time to think about your income taxes. Taxes this coming spring will be different due to the Tax Cuts and Jobs Act (TCJA) that was enacted at the end of 2017.
Due to the new tax law, year-end tax planning for individuals and businesses is more important than ever. Here are some items for business owners to consider before year end:
1. A hot topic with the TCJA is the new Qualified Business Income (QBI) deduction. If you own a company that isn’t a C corporation, you may be able to deduct up to 20 percent of qualified business income. And if your company pays wages, those wages may significantly impact the amount of your deduction. Contact your CPA to discuss how to maximize the QBI deduction before 12/31, especially if you pay wages.
2. The TCJA changed the rules for bonus depreciation on fixed assets. The TCJA, allows for 100 percent first-year bonus depreciation for qualified new and used property that is acquired and placed in service during 2018. Depending your situation, you may want to consider making additional purchases before year-end. Contact your CPA for details on the 100 percent bonus depreciation break and what types of assets qualify.
3. Depreciation for vehicles has always been limited and different than other types of assets. However the TJCA also allows for 100% bonus depreciation on certain heavy SUVs, pickups, and vans.
And in general, whether you own a business or not, your CPA will likely send you a tax organizer in January to help you get organized. It especially important this year to get this document completed accurately, to get organized and to book your appointment early. The earlier you get in, the earlier you will get done. Have a happy holiday season and please give us a call if we can be of assistance to you.
For details, contact Laura at 661-886-5967.
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