2018 Tax Cut & Jobs Act Changes You Need to Hear About

The recently passed 2018 Tax Cuts and Jobs Act will bring about significant changes for both corporations and individuals in the workforce this year. With so much rhetoric circling in the media, it can be difficult to assess how the changes will actually affect you and your business. SRG Certified Public Accountants and Strategic Business Consultants bring to our attention the benefits but also the potential risks of the White Houses’s new laws. For instance, corporations are happy to see capital gains income remain taxed at the same rate of 20%, while bonus depreciation has greatly expanded, increasing from a 50% adjusted basis to 100% in just one year. However, there are some who may be cautious about how the accounting structure in their company may be affected by these new regulations. While new bills passed are subject to a “sunset date” (7-10 years), many don’t survive a change of partisan control in Congress. To receive expert council, contact our Healthcare Tax Advisory Experts today.