Updates

Tax law offers 100-percent, first-year ‘bonus’ depreciation:

The Tax Cuts and Jobs Act increased the bonus depreciation percentage from 50 percent to 100 percent for qualified property acquired and placed in service after September 27, 2017, and before January 1, 2023.

This law change:

General...

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New 20-percent deduction for pass-through businesses:

Eligible taxpayers may be entitled to a deduction of up to 20 percent of qualified business income (QBI) from a domestic business operated as a sole proprietorship or through a partnership, S corporation, trust or estate. Income earned throug...

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The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and the years ahead. Among those for business owners are tax rate changes for pass-through entities, changes to the cash accounting method for some, lim...

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New 100-percent depreciation deduction benefits business taxpayers:

Tax reform legislation passed in December 2017 includes changes that affect businesses. One of these changes allows businesses to write off most depreciable business assets in the year they place them in service.

Here are some ...

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Individuals and calendar-year corporations must file the election with the IRS by Oct. 15, 2018. The new 100-percent deduction allows businesses to write off most depreciable business assets in the year they are placed in service. This deduction was created by the Tax Cuts and Jobs Act (TCJA), th...

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Tax Tip:
Taxpayers filing Form 2290: What’s new this year

Anyone who has registered or is required to register a heavy highway motor vehicle must file Form 2290, Heavy Highway Vehicle Use Tax Return. This applies to vehicles with a gross weight of 55,000 pounds or more. The deadline for filing F...

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Taxpayers with high incomes, complex returns: Check withholding soon to avoid a year-end tax surprise

The Internal Revenue Service today urged high-income taxpayers and those with complex tax returns to check their withholding soon to avoid an unexpected tax bill or penalty when they file their...

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Contribute to an IRA by April 17, claim it for 2017

It’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2017 tax return. Anyone with an IRA may be eligible for a tax credit or deduction on their 2017 tax return if they make contributions by April...

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Testimonials

4 years ago
Most diligent and extremely knowledgeable- very fortunate to have Khuzema as my accountant Khuzema's services and skills have been instrumental in rapidly growing my business. His deep understanding of all the tax related information and book keeping has helped me immensely to focus on my business rather than keeping track of daily accounting and taking care of all the tax issues. When needed he seeks out answers and advice to complex questions, scenarios and provides me with the best possible options. Over the last two years he has become a close and trustworthy advisor. I consider him an asset in my continued progress and all possible future endeavors. I personally think he's the best accountant you can find for individual and small business (period)
- Ashish R

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