Tax Law News: More Tax Cuts For Startups?

Representatives in the House passed another tax act. Dubbed the Protecting Family and Small Business Tax Cuts Act, the legislation is meant to serve the middle class and, according to Rep. Kevin Brady, “allow more businesses to move from their kitchen table to their first office.” Below, we’ll review the bill’s basics and explore how […]

New Tax Code: What You Need To Know About Real Estate Pass-Through Deductions

Let’s quickly discuss how the new tax code affects real estate professionals. The Tax Cuts and Jobs Act of 2017 created a 20 percent tax deduction for some types of pass through businesses.  However, certain professionals — like attorneys, consultants, financial advisors, and brokerage services — were limited in their ability to use the deduction. […]

Cryptocurrency Tax Reduction Strategy: Investing in Opportunity Act

What do you get when two senators — one each from the left and right — and a fabled tech billionaire put their heads together? Answer: a federal tax-reduction initiative called the Investing in Opportunity Act, which could go a long way in improving underdeveloped areas, while also providing an incredible tax break for cryptocurrency […]

Chicago Tax Law: Should I Re-Classify My Profitable Business Under The New Tax Code as a C Corp?

It’s time to talk a little Chicago tax law. As you know, there’s a new tax code in town. And right now, every startup and established business should be asking itself a critical question: On account of the new 21% corporate tax rate, what business designation now works best for us? Not to mention that […]