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Do I know how profitable I am?
Bookkeeping
Ensure Record Keeping is Comprehensive
Tax Returns & Other Filings
Financial Behaviors to Begin or Change
Gro
wS
ust
ain
UPDATE!
New Tax Law Passed
December 17th, 2017
Lost Ability to Deduct Work Expenses
No longer phases out of Child Tax Credit,
which was doubled
2018 2017Adjusted Gross Income: $314,209 Adjusted Gross Income: $311,497Itemized Deductions: $22,618 Itemized Deductions: $35,028Standard Deduction: $24,000 Standard Deduction: $12,700Exemption Deduction: $0 Exemption Deduction: $16,200Taxable Income: $290,132 Taxable Income: $260,269Total Tax: $54,788 Total Tax: $64,665FITWH: $57,685 FITWH: $64,729Refund: $2,897 Amount Owed: $417
Increased Standard Deduction
Gained Other Dependent Credit
2018 2017Adjusted Gross Income: $206,238 Adjusted Gross Income: $207,021Itemized Deductions: $8,212 Itemized Deductions: $14,372Standard Deduction: $24,000 Standard Deduction: $12,700Exemption Deduction: $0 Exemption Deduction: $12,150Taxable Income: $182,238 Taxable Income: $180,499Total Tax: $31,816 Total Tax: $37,424FITWH: $37,373 FITWH: $43,070Refund: $5,557 Refund: $5,646
Lost Ability to Deduct Work Expenses
2018 2017Adjusted Gross Income: $168,040 Adjusted Gross Income: $167,894Itemized Deductions: $22,522 Itemized Deductions: $30,162Standard Deduction: $24,000 Standard Deduction: $12,700Exemption Deduction: $0 Exemption Deduction: $8,100Taxable Income: $144,040 Taxable Income: $129,632Total Tax: $23,568 Total Tax: $23,886FITWH: $20,701 FITWH: $25,412Amount Owed: $2,867 Refund: $1,526
20% of Profit as Deduction
“Among the most complicated
pieces of tax code ever passed”
-The CPA Journal
Business Income: $1,480,000
Wage: $750,000
QBI: $146,725
Total Tax: $316,143
Specified Service Industries
Your primary product is your skill or reputation.
• Health• Law• Accounting• Consulting• Athletics• Financial Services
These industries may not qualify with profit greater than $415,000.
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