Optimized Tax

2018 Tax Filing Highlights

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elementscpa-2018-tax-return-designAs always, our goal is that designing your tax and automating your finances means that tax day is a non-event.

If you’re a member of our Elements Circle™, letters with a simple overview, checklist, and appointment are already on their way. Below are links to digital copies, as well as some tax law updates you may find helpful –

 

2018 Business Highlights

  • The 2018 tax year brought massive changes to the business tax landscape, some of which are still being interpreted by the IRS and tax community. Highlights include the new 20% pass-thru deduction on business income, an end to entertainment deductions, new lower 21% C-corp tax rate, 100% expensing of business purchases, and an end to the domestic production deduction, among many others.

 

2018 Individual Highlights

  • Individual tax law also saw its share of massive changes for the 2018 tax year, including: doubling of the standard deduction, removal of all personal exemptions (including those for dependents), limiting state tax deduction to $10,000 combined total (including withholding and real estate tax), elimination of the miscellaneous itemized deduction category (including un-reimbursed employee costs, investment & legal fees, etc.), big pull back on Alternative Minimum Tax (ATM), and expansion of 529 plans to cover private elementary & secondary schools, among many others.

 

Our Tax Preparation Flow Diagram gives a great visual map of the steps your return will flow through, be sure to take digital advantage of uploading PDF files to your e-Cabinet, and of course don’t hesitate to contact our team with any questions.

This tax season promises to be an adventuresome ride, so be sure to catch the latest on our Twitter feed as events unfold. Cheers, and here’s to your smooth 2018 tax filing! 🙂