TCJA

Your Weekly Read
Close-up on the new QBI deduction’s wage limit

Close-up on the new QBI deduction’s wage limit

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S...

Choosing the best business entity structure post-TCJA

Choosing the best business entity structure post-TCJA

For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduced individual income tax rates, which...

The TCJA changes some rules for deducting business losses

The TCJA changes some rules for deducting business losses

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation...

Do you need to adjust your 2018 federal withholding?

Do you need to adjust your 2018 federal withholding?

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why a large refund for...

Can you claim your elderly parent as a dependent?

Can you claim your elderly parent as a dependent?

Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you qualify for the adult-dependent exemption on your 2017 income tax return, you can deduct up to $4,050 per qualifying adult dependent. However, for...

Home-related tax deductions may be less valuable in 2018

Home-related tax deductions may be less valuable in 2018

Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax deductions that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts...

Small businesses reduce taxes with Section 179 expensing

Small businesses reduce taxes with Section 179 expensing

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA),...

Read something interesting? Want more information? Give us a call, and we will be happy to assist you in any way we can.
144 W 2nd St
Washington, NC 27889

Contact Information:

Phone:
252-946-8052
Email:
info@seilersingleton.com

 

Business Hours:

Monday-Thursday
8:00 AM - 5:00 PM

Friday
8:00 AM - 12:00 PM

Saturday-Sunday
Closed