The big news for businesses is the reduction in corporate income tax rates. C Corporations previously were subject to graduated rates starting at 15%, rapidly increasing to 35%. Under the Tax Cuts and Jobs Act, signed into law December 22, 2017 the new corporate tax rate is a flat 21%. The depreciation rules have [...]
After reviewing changes that will affect individuals, I have to say that this plan, despite a few downsides, looks very good in general! The tax bracket changes are significant, especially to higher earners. Here are highlights on how you may personally be affected by the Tax Cuts and Jobs Act (TCJA) signed into law [...]
Inventory directly relates to the tax you pay. Though it's important to manage inventory throughout the year, this is especially true at year end. Too much inventory sitting on your shelves, translates directly to higher profit and increased tax. In my role as CPA and financial advisor to practice owners, I educate my [...]
