100 percent depreciation is available on “new-to-you” assets. For real estate investors, this means a windfall of deductions in the year of purchase. Use our exclusive, online tool to divide a single purchase price into the components eligible for immediate write-off (paid service)
Individual tax rates reduced
Tax rate brackets have been widened and tax rates have been lowered for all filing status. Effective in 2018, expires after 2025.
Corporate tax rate reduced to 21%
Instead of graduated corporate rates from 15-35 percent, there’s a new, flat 21% rate. Effective in 2018, permanent.
Increase in standard deduction, elimination of personal exemptions
Standard deduction doubles and the per-person exemption “deduction” is eliminated. Effective 2018, expires after 2025.
20% deduction on pass-through income
For single filers with taxable income under $157,500 and married filers with taxable income under $315,000, pass-through business income gets a special 20% deduction. Above that limit and the special deduction scales based on wages and assets. Above that limit, the special deduction is unavailable to specified personal services businesses (attorneys, doctors, accountants, etc.). Contact us now to structure your business for the biggest impact possible.
Non-deductible entertainment expenses
Entertainment expenses that were directly related or associated with your business used to be deductible up to 50% of their cost. Now, entertainment expenses are no longer deductible.