|INDIVIDUAL TAX RETURNS
1. STANDARD DEDUCTION The Standard Deduction was nearly DOUBLED on Jan.1, 2018, to $12,000 on Single returns,
$18,000 for Headof-Household filers, and $24,000 on Joint returns.
Rates for 2017 were $6,350, $9,350 and $12,700 respectively. Congressional analysts say increasing the Standard Deduction will let more than 30 million taxpayers avoid filing a Schedule-A to itemize deductions, because the higher Standard Deduction would be greater than the amount they would have deducted on Schedule-A. Individuals age 65 or older get even higher standard deductions. Two 65-year-olds filing a Joint Return, for example, would add $2,500 to the $24,000 standard deduction for a total of $26,500. An Individual taxpayer 65+ would add $1,550, bringing the standard deduction to $13,550.
2. PERSONAL EXEMPTION Deductions Although the Standard Deduction will approximately double, Personal Exemption deductions will be SUSPENDED (i.e., eliminated). This “suspension” is scheduled to expire after 2025. Before 2018, taxpayers got a $4,050 deduction for each qualifying family member. As of 1-1-18, under the NEW law, those exemption-deductions will disappear. Examples of the financial impact that will have on taxpayers: Single filer will lose their one $4,050 Personal Exemption deduction, and will gain a $5,650 increase in higher Standard Deduction, so when combined. he/she would experience a $1,600 NET GAIN in TOTAL deductions. Family of four would lose $16,200 worth of Personal Exemption deductions (4 x $4050), and would gain an $11,300 increase in higher Standard Deduction, so when combined, they would experience a $4,900 NET LOSS in TOTAL deductions.
3. TAX BRACKETS The new law keeps seven tax brackets (same number of brackets as before) but with different rates & break points. The NEW RATES are: For INDIVIDUALS and MARRIED filing SEPARATELY: For MARRIED filing JOINTLY: 10% on income up to $9,525 10% on income up to $19,050 12% on income above $9,525 12% on income above $19,050 22% on income above $38,700 22% on income above $77,400 24% on income above $82,500 24% on income above $165,000 32% on income above $157,500 32% on income above $315,000 35% on income above $200,000 35% on income above $400,000 37% on income above $500,000 37% on income above $600,000 Here are the details of the breakdowns…
4 4. CHILD TAX CREDIT Starting in 2018, the $1,000 tax credit for each child under age 17 was DOUBLED TO $2,000, with $1,400 of the credit refundable to lower income taxpayers. Additionally, the package significantly increased the amount of income that may be earned before this credit begins to phase-out. The credit begins to phase out for Couples with Adjusted Gross Incomes over $400,000 (up from $110,000 in 2017) and $200,000 for Individual filers (up from $75,000). In addition to the enhanced Child Tax Credit, there is a NEW, NONREFUNDABLE credit of $500 for each dependent who is not a qualifying child – for example, an elderly parent or disabled adult child. This credit would phase out under the same income thresholds as above.
5. DEPENDENT CARE Plans The new law continues to allow working parents to set aside up to $5,000 pre-tax money in dependent care Flexible Savings Accounts to pay for child care costs. No change.
6. Tax Breaks for STUDENTS STUDENT LOAN INTEREST Deduction remains unchanged. The new law continues to allow a deduction up to $2,500 a year of interest paid on student loans. This deduction may be claimed by those who take the Standard Deduction, without need to file a Schedule-A to itemize deductions. But remember, this benefit phases out at higher income levels.
5 TUITION WAIVERS & DISCOUNTS: The value of these received by graduate students will continue to be treated as TAX-FREE. STUDENT LOANS that are DISCHARGED due to the borrower’s death or permanent disability, the amount discharged will NO LONGER be treated as TAXABLE INCOME. SECTION 529 PLANS now allow families to spend up to $10,000 a year from tax-advantaged 529 savings plans to cover the costs of K-12 expenses FOR PRIVATE OR RELIGIOUS SCHOOLS. Previously, tax-free distributions from those plans were limited to college costs.
7. HEALTHCARE EXPENSE Deductions The new law is actually a bit better than it was before. Un-reimbursed (out-of-pocket) medical expenses are now deductible to the extent that the total amount (for taxpayer, spouse and dependent children) exceeds 7.5% of adjusted gross income applies to BOTH 2017 AND 2018. (Prior to 2017, the threshold was 10%.) NOTE: This benefit is effective retroactively to Jan. 1, 2017. But, this tax change expires at the end of 2018, then reverting back to 10%, unless the law is either extended or made permanent by Congress before the end of 2018.
8. OBAMACARE-RELATED Taxation The new law indirectly REPEALS the “INDIVIDUAL MANDATE” – the requirement that demands that you either have certain health insurance or pay a penalty. The mandate remains UNCHANGED for 2018; however, as of Jan. 1, 2019 the “penalty amount is reduced to $0”, which essentially eliminates the impact of the mandate.
9. ALIMONY Tax Liability change … beginning in 2019 Under current law, alimony is tax-deductible to the payor, and is treated as taxable income to the payee. Under the new law, EFFECTIVE JAN. 1, 2019, the person Paying alimony will no longer be able to deduct the payments, and the person Receiving alimony will now receive it tax-free. (This is the same rule that has, and will continue, to apply to child support payments.) But we have a full year before the new law takes effect. The new law does not impact any currently existing divorce agreements, nor any signed at any time during 2018. It applies ONLY to divorce or separation agreements that are EXECUTED AFTER DECEMBER 31, 2018, thus, effective as of Jan. 1, 2019.
10. HOMEOWNER-RELATED DEDUCTIONS: MORTGAGE Interest: Under new law, the AMOUNT of DEBT on which homeowners can deduct MORTGAGE INTEREST for purchase of a primary or secondary residence, has been reduced to $750,000 (down from $1-million) for married filing jointly, and reduced to $375,000 for singles and marrieds-filing-separately. The lower limit applies ONLY to mortgage debt INCURRED AFTER DECEMBER 15, 2017, to buy or improve a principal residence or second home. Older loans are still allowed the $1 million cap. HOME-EQUITY LOAN Interest Deduction: The new law ELIMINATES all HOME-EQUITY Loan Interest deductions – a change which applies to both old and new home-equity debt. The law took effect on 1/1/18. SELLING A HOME: The law continues to allow you to shelter up to $250,000 of profit of the sale of a home (or $500,000 if you’re married), as long as you have owned and lived in the house for two of the five years before the sale. 6
11. AMT – the Confusing and Unpopular “Alternative Minimum Tax” The Alternative Minimum Tax (AMT) is a “parallel tax system” developed more than 40 years ago to ensure that the “very wealthy” paid at least some tax. Since that time the AMT has also snared millions of taxpayers who are not among the ‘very wealthy.’ But the extra, unanticipated tax revenue appealed to lawmakers, who refused to rein it in. Taxpayers who may fall into the AMT zone have to calculate their taxes twice, to determine which system applies. The new law does not eliminate the AMT for Individuals, but safeguards were put into place that will greatly limit the number of taxpayers ensnared by it, by hiking the AMT Exemption Amounts by 30%: 2017: Married/Jointly = $ 84,500 Single = $54,300 Married/Separately = $42,250 2018 Married/Jointly = $109,400 Single = $70,300 Married/Separately = $70,300 Additionally, the exemption phaseout zones start at much higher income levels… above $1 million for couples and $500,000 for Single people and Heads of Household.
12. Deductions for STATE and LOCAL Taxes (SALT) One of the most popular deductions for Individuals and Married taxpayers is SALT – tax write-off for amounts they paid in STATE AND LOCAL TAXES (SALT) – Income taxes, Sales taxes and Personal Property taxes. As of 1/1/18, the “Tax Cuts and Jobs Act,” SALT deductions are CAPPED at $10,000 – the maximum amount of state and local taxes combined, you may deduct. You can deduct any combination of state and local income or sales or residential property taxes, as long as the total does not exceed the $10,000 limit. Notice: Just as before, if you are subjected to the AMT (alternative minimum tax), state and local taxes are not deductible, unless you are engaged in a Business or a For-Profit activity. This provision is scheduled to expire at the end of 2025 unless it is extended or modified by law between now and then.
13. KIDDIE TAX Under the old law, passive INVESTMENT INCOME EARNED BY DEPENDENT CHILDREN under the age of 19 (or 24 if a full-time student) was generally taxed at the parents’ tax-rate, so the tax rate would vary depending on the parents’ income. Starting in 2018, such “unearned income by a minor” will be taxed at the same rates as Trusts and Estates … which will produce a much higher tax bill. The top 37% tax rate in 2018 applies to a child’s unearned income at $12,500. These changes are scheduled to expire after 2025, unless legislation prior to 2025 changes it.
14. CHARITABLE CONTRIBUTIONS CHARITABLE CONTRIBUTION DEDUCTIONS are preserved, with some changes. The AGI limitation on cash donations to qualified public charities and certain private foundations is INCREASED from 50% to 60%. Taxpayers who do not itemize will not be able to deduct any of their charitable contributions. Contributions in excess of 60% of AGI may be carried forward for up to five years.
15. CASUALTY-LOSS Deductions The new law restricts deductions by taxpayers who incur unreimbursed casualty losses that are not associated with a trade or business. As of 1/1/18, the law allows a deduction of such losses ONLY IF the loss occurs in a “FEDERALLY DECLARED DISASTER AREA.” 7 If you meet the requirement above, AND IF the amount of your loss is $500 or more, you may deduct the full amount of your unreimbursed losses. This deduction is available even for those who claim the Standard Deduction instead of itemizing deductions on Schedule-
A. 16. ITEMIZED DEDUCTION LIMITATIONS LIFTED for SOME Through 2017, upper income earners had restrictions on the dollar amount they could deduct on Schedule-A, but as of Jan. 1, 2018 those restrictions were lifted (i.e., no limit). This provision will expire as of 2026 unless it is extended or made permanent by future legislation. Under the new law, some formerly-allowed deduction categories are no longer approved for itemized deductions, are Tax Preparation Fees, Unreimbursed Employee Business Expenses, Brokerage and IRA Fees, and Theft Losses.
17. Unreimbursed Employee Expenses See 32, below. 18. ESTATE TAX (aka, “Death Tax”) is MODIFIED The new law DOUBLES the amount that can be LEFT TO HEIRS, TAX-FREE. As of January 1, 2018, up to $11.2 million for singles and about $22.4 million for married couples, may be inherited by heirs, tax-free. The amount will be adjusted each year based on inflation figures. Other aspects of the Death Tax remains unchanged. This tax change expires at the end of 2025, reverting to earlier levels, unless the law is either extended or made permanent by Congress during the next seven years.
19. ABLE ACCOUNTS EXPANDED ABLE is an acronym for Achieving a Better Life Experience Act, first passed in 2014. The new law EXPANDS the USES of these tax-advantaged accounts, which allow families to put aside up to $14,000 a year tax-free to cover expenses for a beneficiary with special needs. The money can be used tax-free for most expenses, and account assets of up to $100,000 don’t count toward the $2,000 limit for Supplemental Social Security Income benefits. Also, under the new law, ABLE beneficiaries will now be allowed to contribute their own earnings to the account once the $14,000 contribution limit for gifts by others has been reached. The law also allows parents and others who established a 529 plan for a disabled beneficiary to roll the money into an ABLE account for that individual. However, the rollover would count towards the $14,000 annual gift/contribution limit.
20. ROTH “DO-OVERS” The new law will make it riskier to convert a traditional individual retirement account (IRA) to a Roth IRA. Under the old law, you could reverse such a conversion—and eliminate the tax bill—by “recharacterizing” the conversion by October 15 of the following year. Starting in 2018, SUCH CONVERSIONS ARE NOW IRREVERSIBLE. The new law bars IRA owners who convert their traditional IRAs to Roth IRAs from later undoing the conversion and recovering the income tax paid on the switch.
8 21. Some 401(K) PLAN BORROWERS Get RELIEF The new law would give employees who borrow from their 401(k) plans MORE TIME TO REPAY the loan if they lose their jobs or their plan is terminated. Previously, borrowers who leave their jobs were usually required to repay the balance in 60 days to avoid having the amount outstanding treated as a taxable distribution. Under the new law, they will have UNTIL THE DUE DATE OF THEIR TAX RETURN for the year they left the job.
22. CAPITAL GAINS TAX Investors who have purchased stock and mutual fund shares at different times and different prices are still allowed to choose which shares to sell in order to produce the most favorable tax consequences. For example, you can direct your broker to sell shares with a high tax basis (basically, what you paid for them) to limit the amount of profit you must report to the IRS or, if the shares have fallen in value, to maximize losses to offset other taxable gains. The new law retains the favorable tax treatment granted long-term capital gains and qualified dividends, imposing rates of 0%, 15%, 20% or 23.8%, depending on your total income. Previously, your capital gains and dividends rate depended on your tax bracket, but with the brackets changing this year, Congress decided instead to set Income Thresholds. These are the tax rates as of Jan. 1, 2018: 0% rate will apply for taxpayers with taxable income under $38,600 on Single-filed returns and $77,200 on Joint returns. 15% rate applies for Single filers with incomes between $38,600-$425,800; for Joint filers with incomes between $77,200-479,000 20% rate starts at $425,800 for Singles and $479,000 for Joint filers. 3.8% surtax on net investment income kicks in for Singles with modified AGI over $200,000; and for Marrieds, over $250,000.
23. Misc. ITEMIZED DEDUCTIONS (Schedule-A) The new law REPEALS all miscellaneous itemized deductions that were subject to a 2%-of-AGI threshold. These include the write-off for Tax Preparation fees, Unreimbursed Employee Business Expenses, Brokerage fees, IRA fees, and Theft Losses. TAX CREDIT for the ELDERLY and the DISABLED, which is worth up to $1,125 to a qualifying low-income taxpayer, CONTINUES UNCHANGED. MOVING EXPENSES: The new law eliminates this popular deduction, which was available to itemizers and nonitemizers, allowed taxpayers to deduct the cost of a job-related move. Going forward, only members of the military are still able to claim it. PLUG-IN ELECTRIC VEHICLES: The tax credit CONTINUES UNCHANGED. BUSINESS TAX RETURNS
24. CORPORATE TAXES TAX RATE for C-CORPORATIONS now permanently slashed to a FLAT 21% effective 1-1-18. Previously, the top corporate tax rate was 35%. Due to the change in rates, some business owners may want to evaluate whether converting their business entity into a C-Corporation would offer tax advantages. State and Local Taxes (SALT): For taxpayers in a Business or operating a For-Profit activity, state and local Property taxes and Sales taxes will remain deductible. For example, if you own a residential rental property, you can continue to fully deduct property taxes paid on that property on Schedule E.] 9
25. PASS-THROUGH ENTITIES i.e. S-CORPs – PARTNERSHIPS – SOLE PROPRIETORS – and most LLC’s The vast majority of all Small- And Home-Based Businesses are “pass-throughs” – business entities that “pass” their income “through” to their owners for tax purposes, including Sole Proprietors and most LLCs who report business income on Schedule C with their Individual tax returns. Up until Jan. 1, 2018, business income that was “passed-through” to the partner, shareholder, member or soleproprietor, was taxed at that individual’s own marginal tax rate. THE NEW LAW NOW OFFERS SUBSTANTIAL RELIEF to individuals who own “PASS-THROUGH ENTITIES.” As of January 1, 2018, the Tax Act added Section 199A to the Tax Code, which provides a 20% deduction from the individual’s income tax rate for “Qualified Business Income” (QBI*) for all pass-throughs, including trusts and estates. * What is QBI? It is generally the net income from a business, minus some limited expenses, determined on a per-business (not per-individual) basis. Example: Let’s say your reported AGI (Adjustable Gross Income) is less than $160,000 ($315,000 for Married Filing Jointly). You now get an automatic deduction of 20% of your Qualified Business Income, before figuring your taxes. For a sole proprietor in the 24% bracket, for example, excluding 20% of their QBI from taxes, would have the same effect as lowering their overall tax rate to 19.2%. The changes to the taxation of passthrough businesses are some of the most complex provisions in the new law, in part because of lots of limitations and anti-abuse rules. They’re designed to help prevent gaming of the tax system by taxpayers trying to have income taxed at the lower passthrough rate rather than the higher individual income tax rate. For example, the 20% deduction mentioned above phases out for most pass-through entity owners with incomes in excess of $157,500 on an Individual Return, and $315,000 on a Joint Return For these reasons, owners of pass-through entities may well benefit from consulting with a professional tax preparer. At the end of the day, most individuals who are self-employed or who own interests in partnerships, LLCs or S-corporations will be paying less tax on their passthrough income than in the past. ONE BIG EXCEPTION: This 20% deduction on pass-through income, DOES NOT APPLY TO those entities in a “Specified Service Trade or Business.” What IS a “Specified Service Trades or Business?” The Tax Code says the term applies to “Service Businesses in Healthcare, Law, Consulting, Athletics, Financial services, or where the principle asset of the business is the unique reputation or skills of the business’s owner or employees.”
26. Business Entertainment Expenses ? NO-LONGER DEDUCTIBLE! Since 1994, qualifying business meals and entertainment expenses have been deductible, but only at 50% of actual cost. Now, the other 50% has also disappeared. As of Jan. 1, 2018, the Tax Cuts and Jobs Act has RESCINDED, ALL deductions under Tax Code Section 13304, P.L. 115-97, both for “Directly Related” entertainment and for “Associated” entertainment. This new provision applies regardless of the purpose of the meeting and/or nature of the business discussion. Prior to now, many entrepreneurs and other business professionals have used business meals as a 50%- deductible business-building tool. That is no longer an option. 10 In a Tax Bill that “overall is favorable to small business,” this bold move came as a complete surprise to many, and came without explanation. Although the loss of this deduction effects almost all small businesses, there has been surprisingly little mention of it in media coverage.
27. TAX-FREE “FRINGE BENEFITS” for EMPLOYEES PARKING and TRANSIT passes: Prior to 2018, employers could provide employees up to $260 per month for paid-parking or transit fares, and the expense was tax-deductible to the employer, and value was tax-free to the employee. As of 1-1-18, the same benefit continues to be tax-free to the employee, but is NO LONGER TAXDEDUCTIBLE to the employer, which will likely cause many employers to no longer provide the benefit. BICYCLE COMMUTER ‘bonus:’ Prior to 2018, employers could provide employees up to $60 per month for commuting to work on a bicycle, and (as above) the expense was tax-deductible to the employer, and income was tax-free to the employee. As of 1-1-18, the same benefit continues to be tax-free to the employee, but is NO LONGER TAX- DEDUCTIBLE to the employer, which will likely cause many employers to end the benefit. FREE or SUBSIDIZED MEALS in an on-premises dining facility such as a company cafeteria – the cost to the employer is now ONLY 50% DEDUCTIBLE as of 1-1-18. The cost will become TOTALLY NON-DEDUCTIBLE to the employer after 2025. PARTIALLY-PAID FAMILY or MEDICAL LEAVE provided by employers to workers will get a new Tax Credit generally equal to 12.5% of the amount of wages paid during the period of leave. The credit is increased for employers that pay workers more than half their normal wages while on leave. Note that there are lots of other rules and limitations to comply with. There’s a catch. The credit is temporary…applying only for 2018 and 2019. UNREIMBURSED EMPLOYEE EXPENSES (such as mileage for employee-use of personal vehicles, employee home-office expenses, etc.) ALL DEDUCTIONS for this category of expenses ARE SUSPENDED through 2025, as are investment expenses, tax preparation fees, and hobby-losses. These previously were deductible on Schedule-A, subject to a 2% AGI limitation.
28. PAYROLL WITHHOLDING (Form W-4) The new law is causing quite a ruckus in payroll offices around the country. Under the old law, the amount of tax withheld from paychecks was based on the number of Allowances employees claimed on W-4 forms; and, the dollar value of Allowances was tied to the dollar-value of the Personal Exemptions the worker claimed on his or her tax return (in 2017 that dollar-value was $4,050 for each personal exemption). But as of Jan. 1, 2018, PERSONAL EXEMPTION DEDUCTIONS have been SUSPENDED – which seems to mean that each Allowance claimed on a W-4 is now worth $0,000. So, there’s a mad scramble going on within payroll companies and departments, trying to figure out how to establish payroll withholding amounts under the new rules. Resolution coming: The new law orders the Secretary of the Treasury to come up with a new payroll withholding system, but in the interim, says 2018 withholding can be based on the old rules for now. Keep an eye out or more.
29. LIKE-KIND EXCHANGES Generally, an “exchange” of property is a taxable transaction, just like a sale, EXCEPT when investment or business property is traded for similar property. Any gain (profit) that would be triggered by the sale of such property is deferred in the case of a “like-kind exchange.” Up until now, this tax benefit has applied to assets such as real estate, as well as tangible personal property such as heavy equipment and art work. But as of 1/1/18, tax free exchange treatment under Section 1031 NO LONGER 11 INCLUDES PERSONAL PROPERTY, and is limited to real property. This means the new law restricts its use of like-kind exchanges to real estate only, such as trading one rental property for another.
30. CORPORATIONS NO LONGER SUBJECT TO AMT The new law permanently makes corporations no longer subject to the Alternative Minimum Tax, a “parallel tax system” developed more than 40 years ago to ensure that the “very wealthy” paid at least some tax. The new law ELIMINATES the AMT for BUSINESSES.
31. NET OPERATING LOSS (NOL) Deduction Beginning in tax-year 2018, the “two-year carry-back rule” is REPEALED in most cases, and in addition, the NOL deduction is generally limited to 80% of taxable income. NOLs may be carried forward to future years without limitation, in most cases.
32. BUSINESS-LOSS Deductions claimed on INDIVIDUAL RETURNS is now CAPPED. The amount of Trade or Business LOSSES that exceed a $500,000 threshold for couples and $250,000 for other filers, is NON-DEDUCTIBLE, but ANY EXCESS can be CARRIED FORWARD. Note this limitation applies after application of the current passive-activity loss rules.
33. Many other BUSINESS Dweductions are ELIMINATED or PARED BACK: ? Business Entertainment deductions – Gone! ? Country Club dues – don’s even try. ? 9% domestic production deduction (if you know what this IS, think of it as WAS, because it’s gone). ? Net Operating Losses can offset only 80% of taxable income, and NOL carrybacks generally prohibited. ? Tax-deferred Like-Kind Exchanges are limited to real property not held primarily for sale. ? Sexual harassment settlement payments are NOT deductible IF subject to a nondisclosure agreement. ? Attorneys paid in Contingency Fee cases: cannot deduct litigation costs until the contingency ends. ? Local lobbying expenses – Gone – Don’t even think about it.
34. Business ASSETS Depreciation There are enhanced write-offs for business asset purchases in the law. 100% bonus depreciation for many assets put into use during the year. The tax-break applies to assets put in service after Sept. 27, 2017, and is temporary… lasting until 2022 and then phasing out 20% each year thereafter. A higher cap on expensing business assets. It doubles to $1 million. More property is eligible for first-year bonus depreciation or expensing. Depreciation limitations on passenger automobiles are increased. For more info, see below…
35. SECTION 179 “ACCELERATED DEPRECIATION” – DEDUCTION LIMITS INCREASE As of 1-1-18, the annual deductions limit for Section 179 property was increased from $500,000 to $1,000,000. The DEFINITION of “SECTION 179 PROPERTY” has been expanded to include certain tangible property used in furnishing lodging, as well as roofs, heating, air conditioning and ventilation systems, fire protection, alarm and security systems installed on non-residential real property that has already been placed in service. 12
36. “LUXURY AUTOMOBILE DEPRECIATION” INCREASED For passenger automobiles placed in service after Dec. 31, 2017 (and for which the first-year depreciation deduction under Section 168(k) is not claimed), the maximum depreciation deduction for each of the first four years is approximately TRIPLE THE PREVIOUSLY AUTHORIZED AMOUNTS. First year in which the vehicle is placed in service, has increased from the old $3,160 to the new $10,000 limit. Second year depreciation nearly triples again, from $5,100 to the new $16,000 limit. Third year triples again, from the old $3,050 to the new $9,600 limit. Fourth year and beyond, depreciation is increased from $1,785 to the new $5,760 per year limit. TOTAL DEPRECIATION allowance for the first four years will now be $41,360 (compared to just $13,095 before the new tax bill) –a massive 316% increase in depreciation allowed.
37. Business DEBT The deduction that businesses can claim for INTEREST on BUSINESS-DEBT is LIMITED for large companies. Their interest write-offs are capped at 30% of adjusted taxable income, with disallowed interest carried forward. Businesses with $25 million or less of gross receipts, and real estate companies and certain regulated public utilities will be exempt. 38. TEACHERS’ (Small, but Special) Tax Break The tax deduction teachers can claim for using their own money to buy classroom supplies, REMAINS DEDUCTIBLE up to $250 per tax-year. No change. ENDNOTE: The comprehensive, 1,000-page TAX CUTS and JOBS ACT will, no double, receive numerous clarifications and refinements over the next few years. As changes are made, we will send you email updates at no cost to you. Stay Up-to-Date with CHANGES to Small- and Home-Based Business Tax Deductions by getting a FREE Subscription to “Tax Tips You Can Bank On” at www.TaxTipsYouCanBankOn.com Small-Business Tax Savings Learning Center Free and Low-Cost Tax-Savings Information for Small-Business Owners https://HomeBusinessTaxSavings.com