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Blog Post
Blog
- By The Income Statement
- •
- 23 Jul, 2018
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News: Federal Taxes:
The "Tax Cuts and Jobs Act" passed by congress last year will affect all taxpayers in one way (refund), or another (balance due); deductions have been reduced (some eliminated), while the tax brackets have gone down. To wrap it up in a "nut-shell"- "Higher income subject to a lower tax bracket opposed to Lower income subject to a higher tax bracket"; those with 3 or more dependent children under the age of 17 will fare the best. We will explain the changes with this year's tax prep.
State returns did not conform - so you will still need to keep track of your expenses and deductions as you have in the past.
News: Business Entities
The "Tax Cuts and Jobs Act" will afford most small business entities (Sole Proprietors, S-Corps, Partnerships, LLC returns), with 20% of net profits as a deduction from taxable income (subject to limitations).
C-Corps and LLC's elected to be treated as C-Corps, will be taxed at a flat tax of 21%
CA State minimum $800.00 tax is due on April 15th of the current year, i.e. $800.00 payment for April 2019 is for the year 2019. If we need to file an extension, please contact us for your $800.00 payment voucher (so you won't be late).
CA State minimum $800.00 tax is due on April 15th of the current year, i.e. $800.00 payment for April 2019 is for the year 2019. If we need to file an extension, please contact us for your $800.00 payment voucher (so you won't be late).
