Soar to Success July 2018

SOAR TO SUCCESS -XO\ &RUH %XVLQHVV 6WUDWHJLHV I Q WKLV ĆIWK DUWLFOH LQ D VHULHV RI HLJKW ,èP talking about the key business tax law changes that are made under the newly passed tax reform, the Tax Cut and Jobs Act. If \RX PLVVHG P\ ĆUVW IRXU DUWLFOHV LQ WKLV VHULHV , encourage you to go check themout, especially if you’re interested in learning about the effects of the new tax law on your individual income taxes. Most taxpayers, if not all, are going to be effected one way or another by this new sweeping tax reform and Corporations seem WR EH VRPH RI WKH ELJJHVW EHQHĆFLDULHV RI WKLV Act. Prior to the new law, corporate tax rates in the US were nearly the highest in the world with graduating tax brackets spanning from 15% to 35%. Beginning with the 2018 tax year, WKLV UDWH GURSV WR D ćDW DQG WKLV DSSOLHV to C Corporations, but not Sub Chapter S corporations. I’ll cover the effects of the new tax law on Sub Chapter S Corporations in my next article. Code section 179 is a section of the tax code that allows taxpayers, subject to limitations, to 2017 Tax Reform: A Plain English discussion on the Tax Cuts and Jobs Act – Part 5 By Tina Moe, CPA