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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Is Paying Less Tax Good for Your Health?

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The Senate recently released the draft of their health care billed named The Better Care Reconciliation Act of 2017 (BCRA), which replaces many of the tax provisions of the Affordable Care Act (ACA). If paying less tax is better for your heath, then this bill should give you a boost. Here is a summary of the key tax provisions included in this bill. I will leave the analysis and any questions you have on the health insurance side of the bill related to changes in cost, coverage and availability to my fellow Business Warrior, Janis VanAhn. (more…)

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