As the preparation of 2018 tax returns begins, the Tax Cuts and Jobs Act of 2017 is now being applied for the first time. In a recent edition of the San Diego Business Journal, in an article that overviews the Act, LLME partner Michele Barrow led off the article by stating the new federal tax law “affects all of our individual clients and business clients.”
The article notes that the new tax law has struck a debate as to whether a company should be an S corporation or a C corporation and cites information about the new law authored by LLME that concludes “what seems like the obvious answer might not be the best answer.”
The article ends with Michele advising caution when approaching the new tax code. “Google is not always the best tax advice…,” she said. “Always talk to a tax professional.”
In a second article in the same Business Journal edition, Michele comments on the Act and its effect on charitable donations. Michele notes that one tax saving strategy is to take a distribution from an IRA and donate that directly to a charity. Another is to bunch charitable donations together and give every other year to get the benefits that come with bigger donations.
See below for the articles featuring LLME and Michele.