Deduction – New 20% Pass-Through Tax Break

New Tax Laws for 2018
New Tax Deduction

We are reaching out to you to let you know about one of the many changes in 2018 due to the new tax law.  If you own a business, this deduction will more than likely apply to you.

Bottom Line:  Because of the new tax law, tax planning for business owners will be especially crucial this year.  We are still expecting regulations from the IRS regarding the new pass-through business deduction (hopefully by the end of the summer), but we wanted to notify you of what’s coming.

We also understand that taxes – especially business taxes – can be confusing.  Please feel free to contact us at 770-478-7424 or at info@logginscpa.com to setup a consultation with a CPA.


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Income: Taxable vs. Non-Taxable

You can receive income in the form of money, property or services.  Although most income you receive is taxable and must be reported on your federal income tax return.  There are some instances when income is specifically exempted by law and not taxable.   Some income may still need to be shown on your tax return even though it is not taxable, while some may only be partially taxed.  One thing is for sure – knowing the difference could be the key to reducing your tax liability.

 

The IRS offers the following list of items that do not have to be included as taxable income: [Read more…]