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CHRISTOPHER BOYER'S BLOG.
Chris is the president at CBAuthentix Business Services, a bookkeeping principal, Enrolled Agent and QuickBooks Pro Advisor.

Businesses will see a valuable deduction under the Tax Cuts & Jobs Act

 

Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting from the new law. Owners of noncorporate “pass-through” entities may see some major — albeit temporary — relief in the form of a new deduction for a portion of qualified business income (QBI). 

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Some tax credits you may not know about that will reduce your 2017 and 2018 tax bill



Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses that provide certain employee benefits. 

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