What Does Tax Reform Mean for Me & My Business?

 

 

What Tax Reform Means for You & Your Business | Tax Reform 2018 | Mazuma USA | Small Business Accountants & Bookeeping

 

Nothing is sure but death and taxes, or so the saying goes.  But what about when there’s tax reform? What’s sure about that. Ben Sutton takes on the Tax Reform as his topic for our first Mazuma Webinar in 2018. Regardless of your political affiliation or whether or not you have a small business – this tax reform effects you! If you’re wondering what specific changes were included in the bill passed by Congress and how it will effect you and your small business come tax time make sure you watch this episode. It’s packed with useful information and gives a good starting point with how the changes might effect you.

If you don’t’ have 30 minutes to spare, we’d recommend taking a look at the show notes below – you’ll get a good idea what topics we cover in this episode. We’ve even included start times so you’ll be able to skip ahead or go back and rewatch those issues that you’ve got questions or are just looking to learn more about.

 

 

INDIVIDUAL TAX ITEMS

Standard Deduction – Doubled

start watching at 2:20

 

Personal Exemptions Taken Away

start watching at 3:40

 

Increased Child Tax Credit (added a new tax credit for children over 17)

start watching at 4:58

 

Mortgage Interest decreased to $750k

start watching at 6:40

 

Medical Expenses

start watching at 8:10

 

State and Local Taxes (SALT)

start watching at 8:55

 

Health Insurance Individual Mandate

start watching at 9:28

 

BUSINESS TAX ITEMS

New C-CORP Tax Rate

start watching at 10:30

 

Section 179 & Bonus Depreciation

start watching at 11:16

 

Entertainment Deduction Taken Away

start watching at 13:23

 

Qualified Business Income Deduction (QBI Deduction)

start watching at 14:56

 

 

Do you have a question regarding the recent tax reform we didn’t answer? We’d love to talk taxes or bookkeeping with you. You can get connected with us here.