Tax Cuts and Jobs Act

Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future

March 7, 2023February 27, 2018

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly enhances it beginning in 2018. 2017 Sec. 179 tax benefits Sec. 179 expensing allows eligible taxpayers to … Read more

“Is my home mortgage and home equity loan interest still deductible under the new law?”

March 7, 2023February 15, 2018

Tax Cuts and Jobs Act Current Effects Under the Act, starting in 2018, the limit on qualifying acquisition debt is reduced to $750,000 ($375,000 for a married taxpayer filing separately). However, for acquisition debt incurred before Dec. 15, 2017, the higher pre-Act limit applies. This means you can refinance up to $1 million of pre-Dec 15, 2017 acquisition debt in the future. Also will not be subject to the reduced … Read more

Tax Cuts and Jobs Act lowers medical expense deduction threshold

March 7, 2023February 7, 2018

With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold. What expenses are eligible? Medical expenses may be deductible if they’re “qualified.” Qualified medical expenses involve the costs of diagnosis, cure, mitigation, … Read more

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Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future

“Is my home mortgage and home equity loan interest still deductible under the new law?”

Tax Cuts and Jobs Act lowers medical expense deduction threshold

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