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 changesContinue reading “7 Tax Reform Changes That Affect Your Bergen County NJ Business”
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 thatContinue reading “What to Know About the Qualified Business Income Deduction”
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”