Business Tax Developments Affecting 2018 Tax Filings

Although it’s already tax filing season, it seems as if tax law changes are still being ironed out. Even with the IRS shutdown, there were funds made available to the IRS agencies tasked with implementing tax reform. As a result, we are seeing new developments on an almost daily basis. Here are a few highlights we would like to share as we begin to file 2018 business tax returns.

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UPDATED: How Will the 2019 IRS Shutdown Impact Taxpayers?

The government shutdown that began on December 22, 2018 is causing many concerns as the days add up without any resolution in sight.  The shutdown has now affected the IRS, which is currently operating with only 12% of its workforce. Here’s what this means for taxpayers:

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The Tax Benefits of Investing in Opportunity Zones

One of the interesting items coming out of the Tax Cut and Jobs Act of 2017 (TCJA) was the inclusion of specified tax breaks for taxpayers investing in low-income communities. Known as Opportunity Zones, the idea is to encourage long-term investments in low-income communities nationwide through property (real estate or equipment) or business operations.

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The 2/7 Rule for Wages and Maximizing QBI Deduction

The new Qualified Business Income (QBI) deduction is an income tax game changer for owners of flow through entities. But there are many rules and nuances to getting the most out of the deduction.  Whether your business is a Specified Service Trade or Business (SSTB), pays employee wages, has qualified property, or generates taxable income over certain thresholds can create many opportunities or obstacles for maximizing the deduction. Here is how non-SSTB owners with small employee workforces can determine the minimum amount of wages to be paid in order to maximize the QBI deduction.

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5 Annual Tax Essentials

Each year there are a few essential items that should be reviewed to ensure you’re not missing something that could cause trouble when you file your tax return. We recommend taking a look at the following documents and items and reaching out to Cray Kaiser if you have any questions.

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2018 Year-End IRS Update

As we bring 2018 to a close, here are a few updates from the IRS that you should know. Please contact Cray Kaiser if you have any specific questions or concerns.

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Real Estate Investors and the Much Talked About QBI Deduction

The biggest limitation of the QBI deduction is that it only applies to a “qualified trade or business”.  There is not a lot of clarity within IRS regulations in determining what exactly is a trade or business in the real estate arena and there are many unique situations concerning real estate.

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How “Bunching” Can Help Minimize Your Taxes

A lot of change has come with the 2017 Tax Reform. As we adjust to the new provisions, we’re constantly learning about ways that we can shift tax planning strategies in the future to benefit and lessen tax burdens. One way to potentially minimize your taxes is with a strategy called “bunching”.

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