Impact of the Tax Cuts & Jobs Act on Individuals
All individuals are impacted by the Tax Cuts & Jobs Act differently, but there are some key changes in deductions and reimbursements that taxpayers should be aware of.
In this installment of Expertise Coordinated, David Blasko, a principal-in-charge at HBK, answers common questions asked about the Tax Cuts & Jobs Act.
How has the Tax Cuts & Jobs Act impacted travel, meal and entertainment business deductions?
“Entertainment is now zero percent deductible,” Blasko answers. “Business meals are still 50% deductible.”
What’s the biggest impact of the Tax Cuts & Jobs Act on individual taxpayers?
“Changing in the refunds,” Blasko says. “One of the things the tax law did was increase people’s net take-home pays.”
To learn more about how the tax law is impacting taxpayers, watch the video above.
HBK is a multidisciplinary financial services firm, offering the collective intelligence of hundreds of professionals committed to delivering exceptional client service across a wide range of tax, accounting, audit, business advisory, valuation, financial planning, wealth management and support services from 16 offices in Pennsylvania, Ohio, New Jersey, New York and Florida. To contact an HBK advisor click here.
Copyright 2022 The Business Journal, Youngstown, Ohio.