The Pass-Through Tax Deduction Explained With Calculation Examples

pass-through tax deduction explainedThe new income tax plan brings in a generous pass-through tax deduction for many small businesses in IRC Section 199A. If you have pass-through income, you may qualify for a deduction worth 20% of qualified business income.

The change came into effect in 2018, but it doesn’t affect your 2017 tax […]

The IRS Is Losing Money With Its Private Debt Collection Efforts

3rd party tax debt collectorsIn 2017, the IRS hired and paid private debt collection agencies $20 million, but these firms only collected $6.7 million, meaning the IRS lost over $13 million in the process. Besides losing the government money, the program has arguably been a failure in countless other ways.

Expectations for […]

February 2nd, 2018|Uncategorized|0 Comments

Why Trump’s Tax Plan May Not Ultimately Reduce Charitable Giving

trump tax plan and charitable givingThere’s a lot of speculation about what’s going to happen with Trump’s tax plan or the “Tax Cuts and Jobs Act.” Many people are panicking or rejoicing without looking at the details, and others are narrowing in on a single aspect of the plan while ignoring […]

January 4th, 2018|Tax Opinion|0 Comments

Quick, 10 Ways to Reduce Your 2017 Federal Tax Liability

10 Ways to Reduce Your 2017 Federal Tax Liability  The last day of the year is just around the corner, and if you’re someone who usually faces a tax bill in April, this is your last chance to lower your tax liability for 2017. Even […]

December 15th, 2017|Tax Tips|0 Comments

Residing in a State Without Income Tax: Can You Avoid State Income Tax?

can you avoid state income taxIn the United States, federal income tax is just the start. In most cases, you also have to pay state tax, and some municipalities charge local or city income tax as well. All those bills can add up, and you may be wondering “how can I avoid state income tax?” or “can […]

November 20th, 2017|Tax Tips|0 Comments