The Tax Cuts and Jobs Act is the biggest change to the tax law in over 30 years. With so many big changes, its easy to lose track of what has changed and what has not. Pandemic has further enhance that problem.
We will cover overview of every major change for individuals and businesses.
The biggest change to the law was the inclusion of a new 20% of qualified business income under IRC 199A. This new deduction has a lot of possibilities to save taxpayers thousands of dollars on their taxes. However, Congress has also made it easier for the IRS to assess penalties against practitioners and taxpayers, so it is extremely vital to get a great understanding of the deduction. The deduction uses taxable income, qualified business income, the qualified unadjusted basis of assets, and qualified wages. Each item has unique definitions that are not readily apparent. Their where many other changes in Tax Cuts and Jobs Act
- Simplified Tax Filings
- Nearly Doubled the Standard Deduction
- Changes in Itemized Deduction
- Changes in Alternative Minimum Tax
- Pass-through Business Income Deduction
- Limit on Pass-through business losses
- Any many more....
In this webinar, we shall also highlight 10 Tips that you can use and give to your client and help them in reducing their tax liability. This latest webinar is updated after the pandemic, covering the latest updates.