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
Prior to the 2018, taxpayers could deduct 50% business-related meals and entertainment. Under the new law, deductions for business-related entertainment expenses are disallowed.
Joe, a business owner takes a client to dinner where they discuss business. After which Joe takes his client to the golf course. The meal portion of the outing is deductible while the golfing aspect is not.
However, if you do multi-year tax planning, you could take your clients to charitable events instead. This increases your deduction every other year. You get to support a cause you believe in and get a partial deduction for the outing (the portion above your cost of benefits).
This is used in conjunction with the multi year charitable contribution strategy.