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
- Publication 5307 (Tax Reform: Basics for Individuals and Families)
- Publication 5318 (Tax Reform: What’s New for Your Business)
- Tax Reform page on IRS website
- Tax Reform Guidance page on IRS website
- Form 4562 Instructions (Depreciation and Amortization)
- Bonus Depreciation – Pages 5 – 6
- Section 179 Expensing – Page 2 and Pages 3 – 4
- New Auto Limits – Page 13
- Schedule A instructions for changes to itemized deductions
- Publication 17 (Your Federal Income Tax)
Child
Tax Credit/Credit for Other Dependents
- What’s New with the Child Tax Credit after Tax Reform
- Form 1040 instructions
- What’s New – Page 6
- Child Tax Credit and Credit for Other Dependents Worksheet – Page 42 – 43
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.
