It is finally time to examine the standout provision of the 500+ page tax reform bill. Congress comprehensively reformed the tax regime for pass-through business, and this has generated a great deal of analysis from financial professionals tasked with understanding an incredibly complicated set of regulations. Pass-through businesses are those in which the profits and … Read more A primer on pass-through businesses
Our first seven posts focused on individual taxpayers, and what they must know as tax laws change over the next three years. Now, we turn our attention to business owners. Congress made smaller adjustments to several regulations, but one of the most newsworthy changes involves pass-through business. These are businesses that do not pay corporate … Read more Enough individual tax law changes: what about business owners?
This week we will take a break from lists of deductions to break down a specific concept: chained CPI. Many readers and taxpayers will be familiar with the Consumer Price Index, or CPI. The CPI is a measure of inflation that watches price changes in a set “basket of goods” over time. As a gallon … Read more CPI and Chained CPI: What’s the difference?
This week we will cover a few more headline-grabbing changes for individuals from the tax reform package. First, Congress eliminated the Obamacare coverage mandate, and there will be no penalty starting 2019. Unfortunately for those looking forward to immediate savings, this does not apply yet—without a waiver or exemption, taxpayers still need health insurance until December … Read more Tax reform quick hits
This week’s post may be a little dry for some, but is aimed at the 30% of Americans who itemized deductions on their Schedule A. If you were in this group, you may be wondering what deductions were eliminated after we told you last week that the tax reform bill encourages a shift to the … Read more Tax reform and itemized deductions
Last week we outlined some changes affecting individual taxpayers, including adjustments to tax rates and brackets. This week we want to draw your attention to a few more parts of the tax reform bill that will impact many individuals and families. This bill encourages a broad shift from itemized deductions to a new, larger standard … Read more What do families need to know about tax reform?
As promised in our first post about tax reform, we begin by examining the timeline of changes established by the tax reform bill. Taxpayers will notice most changes in 2019, as the legislation only fully affects taxes beginning this year. However, a few provisions are already in place or do apply to 2017: smart consumers can … Read more The tax reform timeline
Welcome to the WelchCounsel Blog. We are glad you stopped by and hope you will make your visits regular. This introductory post on the Tax Cuts and Jobs Act of 2017 is the first in a series covering the current Republican tax overhaul. Congressman Kevin Brady (R, TX) introduced the legislation in the House of … Read more How will tax reform affect you?