The new tax reform bill pass December 2017….it’s a big deal! It has far reaching implications for individuals and businesses. I feel like a bad bookkeeper if I don’t mention a few of these to you!
I love charitable donations and think they are so important. The law actually increases the percentage limit for charitable cash donations by an individual taxpayer to public charities and certain other organizations from 50% to 60%. So, sole-proprietor and single member LLC’s, owners of partnerships, multiple-member LLC’s and S corporations filing their share of business income on Schedule K-1, this change applies to you!
The second charitable donations change is that taxpayers can no longer deduct payments made to a college or college athletic department in exchange for college athletic event tickets or seating rights at a stadium.
Another thing that should go without saying but I’m going to say it…always get a receipt! Scan and save it as a PDF file and save the hard copy file.
This is just the tip of the iceburg so I’m saving M&E for next time…stay tuned.
These are big changes so please feel free to contact me with any questions you may have!
Jordan Ilderton, CPA