Tax Reform

Switching Accounting Methods Can Provide Instant Tax Savings For Manufacturers

As a manufacturer or distributor, you probably determine taxable income using the accrual method of accounting, but switching accounting methods from accrual to cash basis provides tax savings. In the past, anyone with inventory was generally required to file tax returns under the accrual method. The Tax Cuts and Jobs Act changed this requirement in… Read more »

Tax Reform: How Meals and Entertainment Expenses Change for Businesses

Book of Tax Reform

Meal and Entertainment Expenses Under the new tax Act, there are stricter limitations on the deductibility of business meals and entertainment expenses. Any entertainment expenses incurred and paid after December 31, 2017 are now considered to be generally nondeductible. One of the exclusions from this new limitation is for “expenses for recreation, social, or similar… Read more »

Tax Reform Webinar Recording

watching webinar on laptop

December 14, 2017 Webinar recording on Tax Reform: What You Need to Know Before 2017 Ends The tax reform bills in Congress are set to bring significant changes to the tax system. Join DHJJ tax professionals Terry Cicero and Scott Singer on a short webinar to hear about proposed changes for individuals–and what you can… Read more »

Capture Tax Savings By Paying Certain Deductions Before Year-End

December 8, 2017 Three Tax Savings Opportunities Before Tax Reform There is an opportunity for many taxpayers to accelerate some deductions into 2017 to reap significant tax savings. The Tax Reform bill now signed into law nearly doubles the standard deduction while eliminating or limiting certain itemized deductions. Let’s focus on 2 major items in… Read more »

Prepaying Illinois Property Taxes by December 31, 2017

UPDATED: 12/20/17 With tax reform on the horizon, many taxpayers will benefit from prepaying property taxes before year-end. A great number of taxpayers will no longer itemize deductions in 2018 due to the nearly doubling of the standard deduction (to $24,000 for married). For more information on why someone may want to prepay property taxes… Read more »