Last year’s Tax Cuts and Jobs Act made significant changes to the tax law that affect small businesses. The IRS posted two new resources on IRS.gov to help taxpayers understand how these changes affect their bottom line. Here are some details about these resources: New publication: Tax reform: What’s new for your business This electronic publication covers many of the TCJA provisions that are important for small and medium-sized businesses, […]

(All individual tax changes expire on December 31, 2025) (Final regulations to be issued by United States Treasury Department)     Current Tax Law New Tax Law Personal tax rates Seven tax brackets: 10%, 15%, 25%, 28%, 33%, 35%, 39.6% Seven tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, 37%; 35% bracket starts at $200,000 (single)/$400,000 (married) of taxable income and 37% bracket starts at $500,000 (single)/$600,000 (married) Personal long-term […]