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Friday, February 1, 2019

Helpful IRS Resources for Tax Reform Changes


Below are some resources that you may find useful in navigating the new tax law changes during this filing season.

Information on Tax Cuts and Jobs Act


Child Tax Credit/Credit for Other Dependents


Qualified Business Income Deduction
  • Form 1040 instructions
    • Explanation – Page 34 & 36
    • Simplified Worksheet – Page 37
  • Qualified Business Income FAQs
  • IRS Notice 2019-07 - Rental Safe Harbor Rule for Qualified Business Income Deduction
  • Final Regulations for Qualified Business Income Deduction
  • Publication 535 (Business Expenses), Chapter 12 (Qualified Business Income Deduction) Provides detail explanation of deduction and includes worksheets for taxpayers who exceed the $157,500 ($315,000) threshold. Includes explanation of what businesses are considered a specified service trade or business.





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