With the passing of the Tax Cuts and Jobs Act of 2017 came Section 163(j). Section 163(j) calls for the limitation of deductions for business interest expense. All taxpayers who have business interest expenses are subject to Section 163(j) except those that meet the requirements for the gross receipts test. In order to meet the […]
Archives for January 2020
7 Tax Reform Changes That Affect Your Bergen County NJ Business
More than two years have passed since President Donald Trump signed into law the Tax Cuts and Jobs Act of 2017, also known as Tax Reform. In the minds of many Bergen County NJ business owners, that December 22, 2017, event is not at the forefront of operating their businesses. However, some of the changes […]
What to Consider When Relocating for Tax Purposes
Due to the disparity between tax rates of different states, many taxpayers from high-tax states, such as New York, are moving to states with lower tax rates, such as Florida. Moving to another state for tax purposes sounds easy, but it is not that simple. These high-tax states view fleeing taxpayers as lost revenue and […]
What to Know About the Qualified Business Income Deduction
The Tax Cuts and Jobs Act of 2017 includes a 20% Qualified Business Income Deduction (QBID). This deduction was included to bridge the gap between traditional corporations and flow-throw entities resulting from the reduction of the corporate tax rate. Owners who qualify for the deduction can reduce their taxable income by 20%. This means that […]
The Tax Cuts and Jobs Act’s Effect on Your Deductions and Credits
Deductions are some of the many items affected by the Tax Cuts and Jobs Act of 2017. Many itemized deductions were either limited or completely removed, because of the Tax Cuts and Jobs Act. In effect, this change will lower the number of taxpayers choosing to itemize their deductions instead of taking the increased standard […]
