The Tax Cuts and Jobs Act brought some changes to 2018 tax returns, allowing owners of pass-through entities to take advantage of a large deduction for qualified business income (QBI). So, what do these changes mean moving forward for owners of these types of businesses? Well, that depends. This deduction has limitations, so there are many factors to consider. Here are a few questions to help you determine whether your…  Read more

With numerous changes to the federal tax code, Harris, Hardy & Johnstone’s 2019 Year-End Tax Planning for Individuals Letter can help identify specific opportunities to reduce or defer your annual tax obligation. And the sooner you start the conversation around tax planning, the more time you’ll have to carefully consider all applicable factors. This process requires a projection of your estimated income, deductions and tax liability for both 2019 and…  Read more

All businesses seek to reduce costs, and year-end tax planning presents the chance for significant savings that affect your bottom line. After substantial changes to the federal tax code, businesses need to ensure continued compliance with new rules and understand how to optimize their tax liability for both 2019 and 2020. Depending on the type and structure of your business, this 2019 Year-End Tax Planning for Businesses Letter can help…  Read more