This new tax law includes some of the biggest changes to the federal tax code in the last thirty years. Some of these massive changes are permanent, some of them are temporary. The changes affect different people in different ways, depending on their income, family size, and employment. Below is a breakdown of the biggest … Continued
The tax cuts for corporations are permanent, but the tax changes for individuals generally expire after 2025, except for two provisions that remain. Those two changes actually raise taxes on individuals. As a result, most individuals and families will face tax increases after 2025 and beyond, especially low- and middle-income families. Tax Cuts for Individuals … Continued
The tax plan generally won’t simplify taxes for small businesses. If anything, the tax plan will make them more complicated. While the tax plan creates potential new benefits for some small businesses, those benefits come with complex new rules that make it unclear whether many businesses will be able to claim the tax break – … Continued
Although the new tax law makes a number of changes that affect businesses organized as pass-through entities, the typical small business should not expect to see significant new tax savings. The law’s small business provisions are structured in a complicated way, so business owners should be prepared to incur significant expenses to navigate the law’s … Continued