Still Haven't Filed Your Taxes? Here's What You Need to Know

If you rushed to get your estimate completed by this year’s tax deadline, it’s now time for the real work to begin. The Tax Cuts and Jobs Act brought about significant change in the tax law — the most we’ve seen in nearly three decades. That paired with the government shutdown caused a world of chaos and confusion for many, but don’t fret. We are here to help you navigate these tricky waters and bring clarification to what these new benefits/limitations mean for you.

For business owners, the deductions for pass-through entities, commonly referred to as QBID, are a major area of concern. Other areas that you should be familiar with are the business interest deductions and bonus depreciation. These are all changes in the tax law that you need to understand and be up-to-date with.

For individuals, there have been substantial changes to both above-the-line deductions and itemized deductions. What was originally touted as a streamlining initiative has created a massive amount of work with many people left confused and concerned about where they stand.

Your trusted team at MGA is here to help.

Check out some of our blog posts below, where we share our knowledge to help you understand the complex changes within the tax legislation.

• Dissecting New Rules on How Business Interest Expense Can Be Limited
• Bonus Depreciation Under the Tax Cuts and Jobs Act
• What You Need to Know About the Passthrough Tax Break
• What You Need to Know About the New IRS Partnership Audit Rules
• Tax Cuts and Jobs Act: What It Means for Individual Tax Filers
• MGA’s Tax Planning Guide: Are You Taking All of the Tax Breaks Available to You?
• Qualified Opportunity Funds – Potential Opportunity Created by The TCJA?
• New Tax Law Causes Firms to Rethink Client Entertainment
• Tax Cuts and Jobs Act: Provisions Affecting Real Estate

These blog posts are meant to give you a brief overview of the complex changes. Our team of highly trained experts is here to help you with tax planning, preparation, and compliance.

Let us dive into your particular situation and help you better understand how these new tax laws may impact you and your business.

We are here to make the complex simple.