New Tax Laws for 2021 Explained! 2021 Tax Reform 2021 Federal Income Tax Rules

 

New Section 199A Deduction Could Provide Additional Business Tax Savings

The Tax Cut and Jobs Act of 2017, Provision 11011, Section 199A, has provided a 20% tax deduction for pass-through businesses. Eligible tax payers include sole proprietors, S-Corporations, Partnerships, Publicly Traded Partnerships (PTP), and Real Estate Investment Trust (REIT). Though computing the deduction could be a difficult challenge at best, many tax payers could end up adding to their bottom line.

Tax Cuts for the Wealthy Through Indexation

Recently, discussion has been brewing regarding additional tax cuts that would benefit, for the most part, the wealthiest top 1%. According to several news sources, the Trump administration is mulling over whether or not an additional $100 billion dollar tax cut, through indexing capital gains, could be implementing without congressional approval. Though additional tax cuts may be wonderful for the affluent, the increase in the tax gap will have to be filled by something.

Your Large Retirement Account – Too Much of a Good Thing?

It really is possible to do too good a job at saving for retirement. Oversized 401Ks and IRAs can lead to substantial taxes in retirement. Here are several steps you can take before age 70 to try to reduce your retirement tax load.

Accounting and Tax Preparation Services for Certified Minority Owned Businesses

Minimizing the gap between funds and opportunities imparted to minority-owned businesses as compared to others is quite crucial. Besides this, a lot of programs have been launched to let minority-owned companies grow. The certificate bearing minority-owned businesses get an access over special government programs.

New Financial Year: Starting From Today, Tax Planning Will Save More Money

Financial Year 2018-19 has begun. In such a situation, if your annual income is more than Rs 2.5 lakh then you should start tax planning right away. Under current rules of Income Tax Act, income is more than Rs 2.5 lakh annually.

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