January 2018 Blog Posts
January 29, 2018
Freelancers are getting a big help from the new tax plan's pass-through deduction.
You may not realize you are doing this as a freelancer, but you are. If you end up claiming the revenue your LLC or S-Corp makes as your income and use itemized deductions to lower your taxes owned then you are participating in the pass-through deduction.
This pass-through provision will allow you / freelancers to deduct 20% of your revenue from your taxable income.
With the new law it has loosened restrictions so that not only the rich will benefit. You will get a nice savings as well.
This deduction, paired with new, lower tax rates means most freelancers will pay less in federal taxes in 2018 than they would have under the former tax code.
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January 15, 2018
With the passage of the Tax Cuts and Jobs Act (TCJA), tax brackets and rates are changing for 2018.
Big changes come as the structure of the individual tax code includes the elimination of personal exemptions and an expansion of the Child Tax Credit.
Te income limits for all tax brackets are adjusted for inflation. The top income tax rate of 37 percent will hit taxpayers that have income of $500,000 and higher for single filers and $600,000 and higher for married couples filing jointly.
You can view the rest in the image table on this post.
You can also view all new updates on this doc put out by the IRS: https://www.irs.gov/pub/irs-drop/rp-17-58.pdf