Current tax regulations allow individuals to deduct their state and local income taxes and property taxes (homeowners) if they can itemize their deductions. The new tax legislation, expected to pass this week, would cap the state & local income tax (referred to as SALT) and property tax to $10,000 for the 2018 tax year. This is expected to have an adverse impact on state residents that have high SALT and/or property taxes – CA, NY, NJ to name a few. What to do? Consider pr

The GOP tax reform bill is expected to be signed into law by the end of this week, Dec. 22nd. The Qualified Business Income Deduction (QBID), part of this legislation effective for the 2018 tax year, allows qualifying pass-through entities to reduce their business income by up to 20%. QBID will be the focus of the post as it is of interest to dentists. For good summary of the tax reform bill, please read the following Business Insider article: http://www.businessinsider.co