The tax reform bill, H.R 1, known as the Tax Cuts and Jobs Act which enacted sweeping changes to the Internal Revenue Code, contains numerous changes that will affect businesses large and small. The new tax law is complex; most business owners will look to their accountants and tax professionals for explanations of the changes.
The Tax Cuts and Jobs Act went into effect January 1, 2018. That means that the changes made won’t affect your 2017 tax filing in April 2018. Many of the deductions available to individual taxpayers survived the new tax law and will still be available to you when you file in 2019. Some have been modified. Here’s a checklist of those tax deductions:
The Tax Cuts and Jobs Act (TCJA) enacted changes to the Internal Revenue Code that affect many types of business. Real estate investors and landlords stand to benefit from many of the new law’s provisions. These changes to the business tax structure are permanent and relatively comprehensive. Landlords and property owners should consult their accountants and tax professionals for explanations of the changes.