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Highlights of the TCJA for Families

The Tax Cuts and Jobs Act (TCJA) is a new law that amends the Internal Revenue Code to generally reduce tax rates and modify tax benefits and tax policy affecting both individuals and businesses, according to Congress.gov. Under this act the individual tax rates will generally be reduced through 2025. There are many elements of the new law that may change your specific situation beginning in 2018. The changes to itemized deductions may have the most variable impact on the tax situation for each person, and the child-related deductions and credits may hold the most benefit for families.

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TCJA Temporarily Lowers Medical Expense Deduction Threshold

With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold.

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February Economic Update

Did Your Business Purchase Assets in 2017?

There are many Tax Cuts and Jobs Act (TCJA) provisions that will become effective in 2018. However, there are a few changes that you may be able to take advantage of when filing your 2017 taxes. Most notably, the ability to utilize bonus depreciation to deduct 100% of your fixed asset purchases made during the last quarter of 2017. Contact our expert tax advisors to find out if your business will be able to take advantage of this retroactive provision.

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2018 Tax Calendar

To help you make sure you don’t miss any important 2018 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Be aware that some deadlines have been moved up or pushed back compared to previous years. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them.

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2 Tax Credits Just for Small Businesses May Reduce Your 2017 and 2018 Tax Bills

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses that provide certain employee benefits.

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IRS Issues Updated 2018 Withholding Tables

In the wake of passage of the Tax Cuts and Jobs Act (TCJA) late last year, the IRS has taken one of the first critical steps to institute the law’s overhaul of the federal income tax regime. The IRS has released updated withholding tables that indicate how much employers should hold back from their employees’ paychecks to satisfy workers’ tax obligations. The new tables may provide the correct amount of tax withholding for individuals with simple tax situations, but they’ll likely cause other taxpayers to not have enough withheld to pay their ultimate tax liabilities under the TCJA.

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Fourth Quarter 2017 Market Perspective

January Economic Update

Tax Cuts and Jobs Act Offers Favorable Tax Breaks for Businesses

The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room for other beneficial revisions. Here are the most important changes in the new law that will affect businesses and their owners.

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