The Qualified Business Income Deduction Made Simple

When the Tax Cuts and Jobs Act was signed into law by President Trump on December 22, 2017 the tax landscape for practice owners changed dramatically. Not only did the personal tax brackets change significantly, the bill also introduced a brand-new provision to reduce tax on passthrough income; the Qualified Business Income Deduction. As with most things tax related, the provision and eligibility requirements are not simple. But fear not, we have waded through the deep waters of the law and...Read More

President-elect Donald Trump calls for major tax reform

What will our tax system look like under a Donald Trump presidency?  Both the House Republicans and Trump Administration have outlined their proposed tax plans. Although there are slight differences between the two plans, they both aim to simplify the tax code and reduce taxes for all. Here are some of the major takeaways from the proposed reform. Photo by: Michael Vadon For individuals, the Trump tax plan includes: The number of individual tax brackets would be cut from the current amount...Read More
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