Understanding the Qualified Business Income (QBI) Deduction

Posted by : Jordon Rosen, CPA, MST, AEP® The centerpiece of the Tax Cuts & Jobs Act (the “Act”) was the reduction in the top corporate income tax rate from 35% to 21%.  This includes personal service corporations that were previously taxed at a flat rate of 35%.  However, since many U.S. businesses operate as a flow-through entity (i.e., partnership or … Continued

Tax Cuts and Jobs Act: Itemized Deductions

The new tax law resulted in several changes to deductions individuals can take on their personal income tax returns. When planning for the 2018 tax year it is important to be aware of these changes and how they will impact each individual filing an income tax return.