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Tax Season is Here Again

It’s only January, but you may want to jumpstart your 2018 taxes since there are a slew of new regulations that may affect you. The Tax Cut and Jobs Act (TCJA) of 2017 goes into effect this year so make sure you understand how tax reform may affect your 2018 taxes.

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Done Deal – Tax Bill Takes Effect

The tax bill lowering the corporate tax rate and making a number of adjustments to the individual tax code was signed into law on December 22, 2017. The final tax bill sets a corporate tax rate of 21% starting January 1, 2018, and makes a number of changes to individual tax rates (including lowering the top individual to 37%). Key changes on the individual side include doubling the standard deduction ($12,000 for individuals and $24,000 for joint filers) but the bill reduces and/or removes many existing deductions. On the corporate side of the bill, businesses will have the benefit of 100% depreciation of qualified capital expenditures for the next five years, repeal of the corporate AMT, and a shift towards a territorial tax system (from a worldwide tax system). The bill also repeals the individual mandate of the Affordable Care Act (ACA). In this report, we review the changes to the corporate and individual tax code and cover next steps on tax legislation in 2018.

How to Protect Yourself from Tax Identity Theft

LynnThis is surprising! Who would have thought that filing tax returns could be a culprit in identity theft?

Did you know that in 2015 the Federal Trade Commission reported a 50% increase in identity-theft complaints, of which the majority involved tax refund fraud? For those affected by fraudulent tax refunds the average time to reach a resolution is 278 days. There are many ways to protect yourself against common scams. Click here to learn more.