Simplifying the Complex World of Tax and Financial Planning

As summer sadly ends and back-to-school sales and tax-free shopping begins, it is a great time to start thinking about future college savings. Changes to the new tax law have modified the benefits of 529 Plans and here is what you need to know: #taxplanning #newtaxlaw #taxtips #529plans #taxdeductions

The Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump on December 22, 2017 and it is the largest overhaul of the Internal Revenue Code since 1986.  Many of the provisions of the TCJA took effect as of January 1, 2018 and they are set to expire on December 31, 2025. One of the most widely talked about changes that took effect is the new Section 199A deduction for qualified business income (QBI) of pass-through entities.  The deduction applies to all entities

#taxtips #smallbusiness #newtaxlaw