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 »
Prepaying certain deductions can mean big savings on your 2017 tax return. Click on the two examples below and if you have any questions, please contact your DHJJ CPA. Case Study 1 Case Study 2 If you have any questions, please contact Terry Cicero at email@example.com or call 630-420-1360.
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 »
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 »
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 »
Tax reform is high on President Trump’s agenda and the Tax Cuts and Jobs Act bill is undergoing several changes as it moves through the House and Senate before possibly being voted into law. On November 16, the House approved the Tax Cuts and Jobs Act by a vote of 227-205. Then, late on November… Read more »