MIND YOUR BIZNESS
become more and more expensive since first implemented in 2014, will not apply to taxpayers without insurance in 2019. Taxpayers who did not have insurance for all of 2017 and do not expect to be insured in 2018 need to make sure to talk to a tax professional, who can help you identify if you qualify for a penalty exemption.
Small business owners.
Some of the largest changes in the tax reform legislation apply to businesses, both large and small. These changes may also affect some rental activities. Corporations will see their top tax rate reduced to 21 percent from the current top rate of 35 percent, starting in 2018. Pass-through entities (LLCs, partnerships and S corporations) and self-employed individuals will be able to deduct 20 percent of their business income, subject
Now, taxpayers will no longer be able to reconvert a Roth IRA to a traditional IRA.
The bottom line is that with this new tax legislation, you're still going to need to get your documents in order and file your taxes, as well as decide if you're going to itemize and what deductions work for your personal situation. This year, it's more important than ever to talk to a tax professional about how this affects you to ensure that your taxes are done right and that you have a clear understanding of how changes that take effect in 2018 will impact how you file in 2019.
To learn more about the tax reform, how it may affect you and what steps you can begin taking to reduce what you owe in 2018, visit www.hrblock.com or make an appointment with a tax professional.
to some limits (based on the type of business and income) and phase-outs (based on the partner's/shareholder's total income).
Retirement.
Under the current law, taxpayers can reconvert a Roth IRA into a traditional IRA. This allows taxpayers to avoid paying high tax bills on an amount of money that had fallen in value after the conversion.
" This year, it's more important than ever
to talk to a tax professional about
how this affects you
o ensure that
your taxes are done right and that
you have a clear understanding ...."