Individual Tax Updates 2018

The Tax Cuts and Jobs Act of 2017 (Act), was signed into law in late 2017.  The changes are generally effective for tax year 2018. This law made numerous tax changes that effect the individual tax payer. The following is a brief overview of these changes and what they mean to you the tax payer.  Here is the new tax …

The QBI 20% Deduction

What is QBI? And what does it mean for small businesses? Qualified Business Income is the net amount of qualified items of income, gain, deduction and loss from any qualified trade or business. Only items included in taxable income are counted. In addition, the items must be effectively connected with a U.S. trade or business. Items such as capital gains …