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The Tax Cuts and Jobs Act make substantial changes to the rules for bonus depreciation, Code Section 179 expensing deductions and regular depreciation deductions for property used in a business. Bonus Depreciation Property placed in service and acquired after September 27, 2017 100% bonus is allowed.  Additionally, the post Sept....

The Tax Cuts and Jobs Act adds a new deduction for noncorporate taxpayers for qualified business income (QBI). The deduction is also referred to as the “pass-through deduction.” It should provide a substantial benefit to individuals with QBI.  The deduction reduces taxable income, rather than adjusted gross income, but is...

The Tax Cuts and Jobs Act has changed the rules for home interest.  Under the old law, taxpayers could deduct interest on home acquisition debt with principal balances up to $1 million.  Acquisition debt is indebtedness used to acquire, construct, or substantially improve a qualified residence.  Interest paid on the...

The new tax law made several changes to business taxes that an analysis of entity selection may be appropriate. The new tax rate for a C corporation is a flat 21%.  For a pass-through entity (S corporations and partnerships) and sole proprietorships, the income is taxed on the owner’s personal...

The new tax law does not eliminate the alternative minimum tax (AMT) for individuals, but there are changes that will reduce the number of taxpayers who are subject to it. First, the AMT exemption has been increased for tax years 2018-2025.  The AMT exemption is similar to the standard deduction...