Tax Planning Tips for Cutting 2017 Income Taxes - Tax Reform Edition

There’s still time left for you or your clients to cut their 2017 tax bills.

The conventional tax wisdom at the end of the year is to pull in deductions to offset current tax liability and push off income to postpone tax payment. This takes on added significance in 2017 with enactment of the new tax reform law, the Tax Cuts and Jobs Act (TCJA). Because the bill, just signed into law by President Trump on Friday, December 22, cuts individual tax rates and eliminates or scales back most itemized deductions in 2018, many taxpayers have even more tax incentive to follow the traditional pull-and-push strategy.

Read More: http://www.cpapracticeadvisor.com/news/12388257/tax-planning-tips-for-cutting-2017-income-taxes-tax-reform-edition

Questions: http://www.rehcpas.com/

IRS issues 2018 standard mileage rates

The optional standard mileage rates for business use of a vehicle will increase slightly in 2018, after decreasing in the two previous years, the IRS announced Thursday (Notice 2018-3). For business use of a car, van, pickup truck, or panel truck, the rate for 2018 will be 54.5 cents per mile, up from 53.5 cents per mile in 2017. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.

Read More: https://www.journalofaccountancy.com/news/2017/dec/2018-irs-standard-mileage-rates-201718061.html

Questions: http://www.rehcpas.com/