TAX TIPS Archive

  • After tax reform, many corporations will pay blended tax rate

    Last year’s tax reform legislation replaced the graduated corporate tax structure with a flat 21 percent corporate tax rate. This new maximum tax rate for corporations is effective for tax years beginning after Dec. 31, 2017. A corporation with a fiscal year that includes Jan. 1, 2018, […]

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  • Here’s how tax reform changed accounting methods for small businesses

    The Tax Cuts and Jobs Act – better known simply as tax reform – allows more small business taxpayers to use the cash method of accounting. Tax reform now defines a small business taxpayer as a taxpayer that has average annual gross receipts of $25 million or […]

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  • Here’s how tax reform affects farmers and ranchers

    Many farmers and ranchers will benefit from tax law changes brought about by last year’s Tax Cuts and Jobs Act. Here are some of those changes along with details about how they will affect farmers and their bottom line: Net Operating Losses: These can now be […]

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  • Business owners can claim a qualified business income deduction

    Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates.  The deduction may also be claimed on certain dividends.  Eligible taxpayers can claim the deduction for the […]

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  • Get Ready for Taxes: Here’s how the new tax law revised family tax credits

    WASHINGTON – More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service. This is the third in a series of reminders to help taxpayers get ready for the upcoming tax filing season. Additionally, the […]

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  • 401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000

    WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019.  The IRS today issued technical guidance detailing these items in Notice 2018-83. Highlights of Changes for 2019 The contribution limit […]

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