New U.S. Tax Law – New Tax Rates for Businesses in 2018

New U.S. Tax Law – New Tax Rates for Businesses in 2018

Posted: June 6th, 2018 | Author: | Filed under: Income Tax Planning | Tags: , , , , , , , , , |

The Tax Cuts and Jobs Act (TCJA) passed in December 2017 created sweeping new tax law changes. This article is about businesses and entities. For more information about changes to individual and family income taxation in 2018, see this article.

The following rates took effect January 1, 2018.

New Federal Tax Rates for 2018 for Businesses/Entities

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New U.S. Tax Law – Tax Rates for Individuals/Families in 2018

Posted: January 3rd, 2018 | Author: | Filed under: Income Tax Planning | Tags: , , , , , , , , , |

A sweeping new income tax law has been passed (H.R. 1), known as the Tax Cuts and Jobs Act of 2017, on December 22, 2017. How will it impact you? Let’s take a look.

The following rates take effect January 1, 2018. Read the rest of this entry »


New U.S. Tax Law – Options to Consider in the Final Days of 2017

Posted: December 26th, 2017 | Author: | Filed under: Income Tax Planning | Tags: , , , , , , , |

A sweeping new tax law has just passed in the final days of 2017. Given the swift passage of this legislation so close to year-end, taxpayers have been left with limited time to respond proactively. Nonetheless, below are some last-minute options you may have for reducing your taxes due for 2017 (for tax returns prepared in 2018 for tax year 2017). Learn more about this new, December 2017 U.S. tax law that takes effect January 1, 2018 here.

Taking action in this final week of December, 2017 may be helpful for three reasons: 1) itemized deductions will be limited beginning in 2018, 2) tax rates are generally higher in 2017, rendering deductions more valuable in tax year 2017, and 3) ‘lumping’ itemized deductions, such as charitable contributions, together every few years may become more common under the new tax rules given the higher standard deduction and limitations to itemized deductions. Read the rest of this entry »


The End of File and Suspend for Social Security

Posted: October 30th, 2015 | Author: | Filed under: Retirement Planning | Tags: , , , , , , |

(Congress Plans to Close Social Security “Loopholes”)

This week, budget legislation (Bipartisan Budget Act of 2015) passed in Congress to remove the ability for spouses to take advantage of the Social Security strategy commonly known as file and suspend. Previously, the file and suspend strategy allowed Spouse A, at full retirement age, to file and suspend their own retirement benefits to earn delayed retirement credits. This also allowed Spouse B to begin receiving a spousal Social Security benefit at that time (while earning delayed retirement credits on Spouse B’s benefits as well). The new law prevents a spouse from claiming a spousal benefit and later switching to their own benefit.

This strategy, often debated as a “loophole” by some, became possible in 2000, when Congress passed the Senior Citizens Freedom to Work Act. This allowed voluntary suspension of Social Security benefits for people who had already claimed, and then changed their mind and wanted to suspend them later.

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