Quickbooks is by far the leader in the industry & the easiest to use. We can guide you through the setup process and work with you to help you understand the program & its capabilities.
While there are choices here, a Limited Liability Company (LLC) provides liability protection & offers more flexibility than other options.
With the increased standard deduction, many people will no longer itemize deductions on their federal tax return. However, state laws differ. It is best to gather your expenses & let us help you determine if you will save money by itemzing.
Most changes apply for the 2018 Tax Year with a few exceptions.
Standard Deduction increased - Single/$12,000, Head of Household/$18,000, MFJ/$24,000 - this will mean that more people will not be itemizing.
Personal Exemptions eliminated - this will mean you will no longer be claiming your children however you may still qualify for the Child Tax Credit or Earned Income Credit.
Child Tax Credit increased - $2,000 per child with phaseouts starting at $200,000/Single and $400,000/MFJ - $1,400 of the overall credit may be refundable.
New Family Tax Credit - $500 for each non-child dependent (i.e. parents).
State & Local Income Taxes - limited to $10,000.
Mortgage Interest - Drops the overall mortgage limitation to $750k for new mortgage debt after 12/15/17. Pre-exisiting mortgages are able to follow the old limit of $1 million. No deduction for Home Equity interest after 12/31/17.
Casualty Losses - eliminated except for those in a federally declared disaster zone.
Misc Itemized Deductions - no deductions for employee business expenses, investment expenses, tax return preparation, etc.. Gambling expenses remain deductiible as before.
Overall limit on Itemized Deductions removed
Passthrough Entities (including Schedule C filers and some Schedule E filers) - will receive a 20% deduction but there are a number of limitions, exclusions and inclusions here so please contact us with questions regarding your personal tax situation.
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