By Kay F. Gotshall, CPA, Tax Senior Manager
Tax Senior Manager Kay Gotshall shared her insights on how the changes introduced by the 2017 Tax Cuts and Jobs Act will impact the 2018 tax return season in Richmond Times-Dispatch's article “Navigating this year's tax changes can be a confounding task.” This includes a look at what impact the 2017 tax reform had on both large and small business tax returns.
“Navigating this year's tax changes can be a confounding task” Excerpt:
In particular, tax returns are still complicated for small-business owners, who could get a 20 percent reduction on so-called pass-through income. That provision in the tax overhaul was designed to help small businesses that wouldn’t benefit from a reduction in the corporate income tax from 35 percent to 21 percent.
What’s been difficult is figuring out whether a particular business owner qualifies for the deduction.
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Source: Richmond Times-Dispatch
Additional Tax Resources:
Virginia Tax Credits for Individual and Corporate Taxpayers
Virginia Passes Tax Conformity: What You Need to Know
Wayfair Decision: Impact on San Francisco and Philadelphia Business Tax
Investing in Virginia Businesses? Learn About the Tax Benefits
About the Author
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.