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Tax Cuts and Jobs Act and How the Tax Plan May Affect You

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New year, new taxes.

President Trump said that he wanted the new tax plan on his desk by Christmas. Nonetheless, the Tax Cuts and Jobs Act went through the Senate, House and flew by Congress. Ultimately, the Tax Cuts and Jobs Act tax plan has a goal to reduce the tax rates for individuals and businesses, which will ultimately affect how much you end up receiving your refund and paying in your tax liability. Most changes will expire in 2025 whereas some will remain permanent.

With the media raving about how taxpayers’ pockets will be affected, here are the changes that the new tax plan will lead to starting January 1st, 2019.

What was eliminated in the new tax plan?

Continue reading “Tax Cuts and Jobs Act and How the Tax Plan May Affect You”

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MBA Tax Deduction in Sight, Thanks to One Plucky Taxpayer

It’s rare that an individual wins a victory against the IRS.

Rarer still is a landmark victory that could mean thousands in deductions for others.

But that’s exactly the double-feat nurse Lori Singleton-Clarke accomplished, winning a ruling that her nearly $15,000 in business school deductions were legitimate. This judgment makes it easier for other professionals to claim from an MBA tax deduction. Continue reading “MBA Tax Deduction in Sight, Thanks to One Plucky Taxpayer”