The Tax Cuts and Jobs Act of 2017 established a new investment vehicle called an Opportunity Zone. An Opportunity Zone is an economically disadvantaged community where investments are potentially incentivized. Due to the new tax law, investments in these communities may be eligible for tax breaks. Opportunity Zones have now been allocated in every stateContinue reading “New Investment Vehicle Called An Opportunity Zone”
Along with the Tax Cuts and Jobs Act of 2017 came several new rules and limitations for depreciation and expensing. The new tax law increased the amount that a taxpayer can expense in the year the asset was placed into service. The maximum allowable deduction has been increased to $1 million from $500,000. The TCJAContinue reading “New Rules And Limitations For Depreciation and Expensing”
The Tax Cuts and Jobs Act of 2017 has brought about a dramatic, albeit temporary, change to the estate and gift tax regulations. As a result of the new law, the exemptions for the transferred property have been increased from $5 million, under the previous law, to $10 million for individuals. For married couples filingContinue reading “Changes To The Estate And Gift Tax Regulations”
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 theContinue reading “How Section 163(j) Helps Small Businesses”
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 standardContinue reading “The Tax Cuts and Jobs Act’s Effect on Your Deductions and Credits”
