Do you live in Elmira, NY? What about Rochester? Or Buffalo? The Tax Cuts & Jobs Act's (TCJA) change to IRC Sec. 118 is likely to have a significant impact on the prevalence of urban revitalization efforts in your communities.
The Tax Cuts and Job Act (TCJA) includes provisions that will impact some service industries. One question you might be asking yourself is, "what is a service provider". Service industries are ones where the principal driver of income is the know-how of one or more of the employees of the business. This includes medical practitioners, lawyers, architects, engineers, performers, athletes, financial service providers, brokers, accountants, etc. If you fall into one of these categories, you are a service provider.
The Tax Cuts and Jobs Act of 2017 (“TCJA”) was passed by Congress and signed by President Trump. The new law includes changes that will impact REIT investors and REIT corporations. Commentators believe the law changes will also have indirect impacts that may economically benefit REIT investors and REITs. The post below provides REIT investors with some of the details of the TCJA provisions applicable to corporations and their investors.
Being self-employed has its advantages and disadvantages. As the person in charge of your business affairs, you can set your own schedule and generally have more flexibility than someone in a 9-to-5 job. On the other hand, you are fully responsible for the bottom line, often with little or no backup to rely on.
In this election year, one of the most important decisions will be made on your 2015 tax return. You must determine whether it is better to deduct state and local income taxes paid last year or to claim a deduction for state and local sales taxes. What’s at stake? Tax dollars.