Business Interest Expense-Deductible or Not? Part 2

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Last month we started the discussion about the new limitation on business interest deduction.  I gave the three exceptions to the limitation.

  1. The Small Business with average annual gross receipts of $25 million
  2. Electing Real Property Business
  3. Electing Farm Business

For more information about these exceptions, please see last month’s blog.

This month I want to discuss how the limitation is calculated if you don’t meet one of these exceptions.

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Four Things Your Business Needs to Know Now

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Change is in the air, at least when it comes to taxes.  There is both good and bad within the new Tax Cuts and Jobs Act (TCJA) that was signed into law in late 2017; however, for most businesses a positive impact is expected.  You have probably heard a lot about tax reform in the past month, but what are the things your business should know about right now to proactively plan for your 2018 tax return? 

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Christmas Gift from the President?

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As I am sure you have heard, Congress passed new tax legislation just in time for President Trump to call it a Christmas gift from the White House. Well, we are yet to see how much of a gift it is, but one thing we do know is that it is going to change how your taxes are figured and, for at least the next year, it will complicate your tax return. So what was included in this gift? Let’s unwrap it and see.

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