Tax Reform(“TCJA”) Optimization

New Tax Cuts

The Tax Cuts and Jobs Act (“TCJA”) was signed into law on December 22, 2017, passing the most sweeping changes to our tax code in over a generation.  Specifically, this new tax law provides significant tax savings and planning opportunities for middle income Americans and business owners of all forms and sizes. 

These tax law changes have opened up a new world of tax planning opportunities for all types of taxpayers.  However, there are some fundamental principles that need to be understood and changes that need to be made NOW to help you achieve the best possible result in this new tax environment. 

Plan for the Tax Cuts & Jobs Act of 2017

We are actively working with new and existing clients to assist them in optimizing their structure and educating them on how to plan for these new changes.  We have already achieved THOUSANDS of dollars of additional tax savings for our clients with this strategic planning.  We are addressing planning opportunities such as:

  • Section 199A (“Qualified Business Income Deduction” or “QBID”) planning and optimization, including:
    • Specified Service Trade or Business (“SSTB”) limitations and considerations
    • W-2 Wage Limitations and Officer’s Compensation Planning
    • Depreciable Property Limitations
    • Multiple Trades or Businesses and the Election to Aggregate
    • Planning for Income-Based Phaseouts
  • Entity Selection Analysis
    • Clear cut analysis of S Corp vs. C Corp vs. Sch C/Partnership for your business
  • Depreciation Strategy Planning
    • Using multi-year analysis to determine best strategy for Section 179 and bonus depreciation
  • Retirement Plan Strategies
    • How simple changes in retirement plan structure can result in greater tax savings
  • Income/Deduction Timing Strategies
    • Carefully planning income and deduction timing to maximize tax benefits over multiple years
  • Itemized vs. Standard Deduction Planning (i.e. “stacking”)
    • Strategies for alternating years between itemized and standard deduction for maximum tax efficiency
  • Credit Optimization
    • Planning towards actualizing lucrative tax credits in as many years as possible