The Tax Cut and Jobs act really changed how deductions work. It's important to know how much those changes will affect you and your business. Here's another way taxes have changed recently:
Unless you’ve been sleeping under a rock the last year, you probably know that the Tax Cut and Jobs Act really changed how deductions work. Here’s the thing, if you’ve yet to file your 2018 taxes, you might not realize just how much those changes will affect you and your business this year.
Every year, as business owners enter into the final stretch of tax season, tons of people and small businesses scramble to make sense of their financial statements, figuring out their own deductions, and, well, struggling with some “free” tax prep software. Maybe you have just gone through that this year.
The current government shutdown is affecting all kinds of nationally funded programs, but nowhere is it more evident than how it has shaped tax season this year. Already different because of the passage of the Tax Cut and Jobs Act, the real monkey wrench comes from the fact that 800,000 federal workers in nine different departments aren’t able to work. These departments include Agriculture, Commerce, Justice, Homeland Security, Housing and Urban Development, Interior, State, Transportation, and Treasury
It’s the most wonderful time of the year, right? Sure, sort of. At the end of the year, charitable donations soar, as individuals scramble to get them in before the end of the tax season. Sure, it feels good to give (really, you should do this. Giving is its own reward.) it doesn’t hurt that in year’s past you’d also get a big fat deduction for doing the right thing.