Here at PPSC we are continuously learning and 2018 was no exception.
The December 2017, Tax Cuts and Job Acts (TCJA) is one of the most comprehensive tax changes in 30 years. The legislation made sweeping changes across the board. For starters at the individual level, the TCJA has reduced tax rates, eliminated or limited deductions and changed credits.
Similarly, for businesses, the TCJA has reduced corporate tax rates, modified allowable deductions, increased depreciation limits, and created new deductions. One of the new provisions allows a deduction for up to 20% of the qualified business income.
In addition, if you have a pass-though entity doing business in CT. The state legislature created a new pass-through entity tax which will shift the way shareholders, partners and members pay their state income tax liability.
Do not be caught off guard. Contact PPSC for year-end tax planning strategies.