Getting the most of this course
Section 1: Definitions
Basic definitions commonly used in tax planning
Section 2: Tax Law Changes
Discussion of some of the 2018 tax law changes
- Tax law changes excel template
- Personal Standard Deduction
- Tax Rate Changes – Individual
- Tax Rates – Corporation
- Moving expenses
- Medical expenses
- Mortgage interest
- State taxes
- Casualty loss
- Miscellaneous itemized deduction
- Child tax credit
- Opportunity Zones
- Employee credit for paid family and medical leave
- Tax Law Change Quiz
Section 3: Qualified Business Income Deduction
QBI- new deduction for 2018
Section 4: Tax Planning
Section 5: Tax issues specific to married entrepreneurs
Section 6: Multi year tax planning issues
Child care expenses
Taxpayers are allowed a credit for paying for child care. However, the credit allowed is zero when a spouse does not work.
If you have a non working spouse who often has to get child care to help take care of matters in your business, then consider hiring him/her.
Also, if your spouse works part time outside the home, do an analysis to make sure the income she earns is not putting you above thresholds for claiming tax credits.
Rather than letting your spouse work outside the home, it may be better to hire him/her. In this way, your taxable income is not massively changed by your spouse working.