The Tax Cuts and Jobs Act of 2017 (the 2017 Act), which was enacted on December 22, 2017, is the most significant tax legislation in 30 years and includes numerous significant changes that will impact most taxpayers. Most of the changes brought about by the 2017 Act became effective starting in 2018. There were significant changes in the way itemized deductions are now determined and the child tax credit has been significantly revised. The rules for passive activity loss carry forwards have also been significantly changed. We can assist in reviewing how these provisions will impact your unique situation and how you can best take advantage of the new law.
We can also assist you in maximizing the tax advantages offered under the Tax Code. Frequently taxpayers overlook opportunities which could save thousands of dollars each year by failing to take advantage of certain favorable provisions available to them. Areas we frequently assist taxpayers save tax dollars include helping them take advantage of opportunities involving retirement plans, the acquisition of depreciable assets, health insurance premiums and medical expenditures.
Under the new tax law there are now ways of legally deferring capital gains realized on the sale of assets and avoiding capital gains on future appreciation on the reinvested funds altogether. These rules are complicated and planning should be done in anticipation of the asset sale(s) which will produce the capital gains. Click here for a free white paper discussing this opportunity for substantially reducing the financial impact of taxes on capital gains reinvested in a Qualified Opportunity Fund.
For business owners, we can often provide assistance in maximizing business deductions, minimizing payroll taxes, and putting in place practices and procedures which will better position the business in substantiating its deductions in the event of an IRS audit. We also work with business owners in establishing new businesses and evaluating the most optimal form of ownership through which to operate the business.
The 2017 Act includes many provisions that were designed to benefit small business owners. However, there is no single strategy which applies for every small business. In order to maximize the potential advantages of these new provisions, it is crucial for every small business owner, with the guidance of a qualified tax advisor, to carefully consider their unique business and how to benefit from these new rules. We are assisting our small business clients in addressing the effects of the new tax law and in implementing strategies to take advantage of these new rules.
Contact us today at (813) 760-0722 or email us at firstname.lastname@example.org to set up an appointment where we can explore how you may be able to take advantage of these new tax incentives in your unique situation.