Do I know how profitable I am?

Bookkeeping

Ensure Record Keeping is Comprehensive

Tax Returns & Other Filings

Financial Behaviors to Begin or Change

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UPDATE!

New Tax Law Passed

December 17th, 2017

Lost Ability to Deduct Work Expenses

No longer phases out of Child Tax Credit,

which was doubled

2018 2017Adjusted Gross Income: $314,209 Adjusted Gross Income: $311,497Itemized Deductions: $22,618 Itemized Deductions: $35,028Standard Deduction: $24,000 Standard Deduction: $12,700Exemption Deduction: $0 Exemption Deduction: $16,200Taxable Income: $290,132 Taxable Income: $260,269Total Tax: $54,788 Total Tax: $64,665FITWH: $57,685 FITWH: $64,729Refund: $2,897 Amount Owed: $417

Increased Standard Deduction

Gained Other Dependent Credit

2018 2017Adjusted Gross Income: $206,238 Adjusted Gross Income: $207,021Itemized Deductions: $8,212 Itemized Deductions: $14,372Standard Deduction: $24,000 Standard Deduction: $12,700Exemption Deduction: $0 Exemption Deduction: $12,150Taxable Income: $182,238 Taxable Income: $180,499Total Tax: $31,816 Total Tax: $37,424FITWH: $37,373 FITWH: $43,070Refund: $5,557 Refund: $5,646

Lost Ability to Deduct Work Expenses

2018 2017Adjusted Gross Income: $168,040 Adjusted Gross Income: $167,894Itemized Deductions: $22,522 Itemized Deductions: $30,162Standard Deduction: $24,000 Standard Deduction: $12,700Exemption Deduction: $0 Exemption Deduction: $8,100Taxable Income: $144,040 Taxable Income: $129,632Total Tax: $23,568 Total Tax: $23,886FITWH: $20,701 FITWH: $25,412Amount Owed: $2,867 Refund: $1,526

20% of Profit as Deduction

“Among the most complicated

pieces of tax code ever passed”

-The CPA Journal

Business Income: $1,480,000

Wage: $750,000

QBI: $146,725

Total Tax: $316,143

Specified Service Industries

Your primary product is your skill or reputation.

• Health• Law• Accounting• Consulting• Athletics• Financial Services

These industries may not qualify with profit greater than $415,000.

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