The most recent tax reform law effectively reduces taxes for many small businesses. It also creates some new complications. Here are the highlights. Corporate tax rates are cut. The graduated … [Read more...] about New Law Brings Tax Changes for Small Business Owners
The Tax Cuts and Jobs Act of 2017 lowered the threshold for the deduction of medical and dental expense. The new law permits taxpayers to deduct unreimbursed medical expenses that are in excess of … [Read more...] about Don’t Forget About the Medical Expense Deduction
The Tax Cuts and Jobs Act (TCJA) raises many questions for taxpayers looking to plan for the coming year. Below are answers to some of them. Do I need to adjust my withholding allowances, given that … [Read more...] about 2018 Tax Changes: Frequently Asked Questions
What is the Kiddie Tax? In 1986, the Kiddie Tax was added to the tax code in order to prevent high wealth parents from shifting income-producing investment assets to their children who were in lower … [Read more...] about Do You Know the New Beneficial Changes to the Kiddie Tax?
Affectionately being referred to as the Pass-Through Deduction, the new tax law will allow partnerships, LLCs, S corporations and sole proprietorships (in other words, pass-throughs) to deduct up to … [Read more...] about The Basics of the New Section 199A and How It Affects the Self-Employed
At The Neal Group, LLC, a Milwaukee accounting firm we know that proactive tax planning is critical to minimizing your tax liabilities. When you work with us we make tax planning part of your overall … [Read more...] about Tips For Staying One Step Ahead of Tax Issues