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Right CPA - Felle & Associates S.C. Newsfeed

04 Jan, 2018

Most individual tax rates go down under the TCJA

The Tax Cuts and Jobs Act (TCJA) generally reduces individual tax rates for 2018 through 2025. It maintains seven individual income tax brackets but reduces the rates for all brackets except 10% and 35%, which remain the same. It also makes some adjustments to the... Read More

20 Dec, 2017

2017 Tax Reform: Last-minute year-end moves in light of Tax Cuts and Jobs Act

Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the... Read More

18 Dec, 2017

This year’s company holiday party is probably tax deductible, but next year’s may not be

Many businesses are hosting holiday parties for employees this time of year. It’s a great way to reward your staff for their hard work and have a little fun. And you can probably deduct 100% of your 2017 party’s cost as a meal and entertainment... Read More

11 Dec, 2017

Should you buy a business vehicle before year end?

One way to reduce your 2017 tax bill is to buy a business vehicle before year end. But don’t make a purchase without first looking at what your 2017 deduction would be and whether tax reform legislation could affect the tax benefit of a 2017... Read More

29 Nov, 2017

Accrual-basis taxpayers: These year-end tips could save you tax

With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax when rates are higher. Timing income... Read More

21 Nov, 2017

You may need to add RMDs to your year-end to-do list

As the end of the year approaches, most of us have a lot of things on our to-do lists, from gift shopping to donating to our favorite charities to making New Year’s Eve plans. For taxpayers “of a certain age” with a tax-advantaged retirement account,... Read More

17 Nov, 2017

Why you may want to accelerate your property tax payment into 2017

Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying property tax may be especially beneficial this year, because proposed tax legislation might reduce or eliminate... Read More

10 Nov, 2017

2017 – 11/08

The House Ways and Means Committee has made changes to the proposed Tax Cuts and Jobs Act. The committee is marking up the bill and has approved many amendments. The major changes: add a deferral option to gains on compensatory options and restricted stock for... Read More

10 Nov, 2017

2017 – 11/10

The U.S Senate released its tax reform goals. Highlights include: Setting a 38.5% bracket for high-income earners, and raising the standard deduction to $24,000 for married filers, $18,000 for single parents and $12,000 for unmarried individuals. It would repeal in full the deduction for state... Read More

05 Sep, 2017

Tax planning critical when buying a business

If you acquire a company, your to-do list will be long, which means you can’t devote all of your time to the deal’s potential tax implications. However, if you neglect tax issues during the negotiation process, the negative consequences can be serious. To improve the... Read More