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How the Tax Cuts and Jobs Act Could Affect You and Your Practice By Lisa Bakewell On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (TCJA), marking the first significant reform of the US federal tax code for individuals, small businesses, and corporations since the 1986 Tax Reform Act. Beginning in 2018, the TCJA provides several tax- saving opportunities for businesses of all shapes and sizes and—most notably—a new tax deduction for small business owners (pass-through entities). In this article, some highlights of the TCJA will be discussed, but please beware. Although the TCJA was hawked as a simplification of our taxation process, many experts tend to disagree. Seek the advice of a financial advisor to obtain optimal tax benefits for you, your family, and your business. INDIVIDUAL TAX BRACKETS Beginning in 2018, there are still seven tax brackets for individuals, but rates for several brackets are lower. Taxpayers will be placed in one of the following seven tax brackets, based on income: THE TAX RULES, THEY ARE A-CHANGIN' A B M P m e m b e r s e a r n F R E E C E a t w w w. a b m p . c o m / c e b y r e a d i n g M a s s a g e & B o d y w o r k m a g a z i n e 91

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