Eric Dorenkott, CPA

As we move into Q4, now is the time to begin year-end tax planning.

The new Section 199A may be the most radical change of last year’s historic tax reform bill, and one not to be overlooked. Section 199A gives a 20 percent deduction of qualified business income to pass-through entity owners. The deduction has two components.

  1. Eligible taxpayers may be entitled to a deduction of up to 20 percent of qualified business income (QBI) from a domestic business opera
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Pat Lang explains how the new tax bill can have a big impact on 2018 taxes.

Itemized vs. Standard Deductions – 2017 and Prior Filing Years

When filing Form 1040 each year, individual taxpayers have the ability to reduce their taxable income by claiming itemized deductions on their tax return or taking the simpler method, the standard deduction.  For the 2017 tax year the standard deduction for an individual or married couple filing separate is $6,350.  For married couples fi Read More >>