TAX PRO PLUS LA

Tax Cuts and Jobs Act - See How It Would Affect You

The House of Representatives Way and Means Committee has finally released their version of the long-promised tax-reform legislation. This is the first step toward enacting new tax legislation. A Senate version is also required; if both versions pass, the two bills will then be reconciled, and both chambers of Congress will then need to pass the final bill before it can go to the President to be signed into law. There is no assurance that this tax-reform legislation will pass; it looks likely that the vote will largely be on party lines, so, if some Republican members of Congress do not vote with their party, the legislation could fail. Thus, it is important to stress that the information included in this article is on legislation that merely has been proposed and that is not law yet. However, this article will give you insight about what may be coming. The provisions described below would be effective in 2018 unless otherwise noted.

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Possible Tax Reform and What it Means For Year-End Planning

As of Friday, December 1, 2017 the Senate is close to a vote on their version of the Tax Cut and Jobs Act. Rumblings out of Washington DC indicate that the GOP leadership has reached an agreement that the House will put the Senate version to a vote without reconciling the differences between the House and Senate versions. As a result, the Senate version would prevail and it would become the new tax law if the President signs the legislation, which he has said he will do. But no one has a crystal ball and we will be following this closely.

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Is Your Income Too High to Contribute to a Roth IRA?

There is a legal work-around to the high-income limitation.

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Employee vs. Independent Contractor - Tips for Business Owners

If you are a small business owner, whether you hire people as independent contractors or employees will impact the amount of taxes you withhold from their paychecks as well as how much and what types of taxes you pay. Furthermore, it will affect how much additional cost your business must bear, what documents and information must be provided to you, and what tax documents must be given to the individuals you are hiring.

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Waiving the RMD Penalty

If you failed to take a distribution in one or more years, call this office for information on how to get the IRS RMD penalty waived.

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