The recently enacted Tax Cuts and Jobs Act (TCJA) has altered the tax landscape for a lot of businesses. The changes are extensive, and this blog provides a high-level overview of some of the highlights to keep you informed. Due to the sweeping nature of the changes and the need for continued guidance, we’d like the opportunity to have a personalized conversation with you now to discuss planning opportunities for your specific situation. Additional conversations and tax projections are likely necessary to ensure we maximize your tax benefits. Please call our office at your earliest convenience to schedule a meeting.
Interest expense deductibility
The TCJA introduced a limit in the deductibility of business interest to 30% of taxable income (with adjustments). However, this limitation does not apply to most taxpayers with gross receipts of $25 million or less. If your gross revenues exceed $25 million, we recommend having a discussion with us about the impact on your business. Regardless, with careful planning, we can help you maximize your deduction
With careful planning, we can help you maximize your deduction, Give our office a call 262-358-8297
Wisconsin is one of just a few states that tax internet access. That's illegal according to federal law, but Wisconsin secured a grandfather exemption and can continue the tax through 2020. During the dial-up era Wisconsin Residents paid double tax, they also paid a phone tax.
The TCJA repealed the deduction for business entertainment. This includes expenditures such as taking clients to sporting events and shows and paying for season tickets for various entertainment events. Since these items are no longer deductible, it is very important to have your company’s internal accounting set up appropriately. We can help you identify these expenses and treat them correctly on your tax return.
And, we are happy to discuss how to account for these internally to streamline your tax compliance reporting.
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Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.