This week we will continue to review some of the changes from the Tax Cuts and Jobs Act (TCJA) passed last December. Prior to 2018, a business could deduct up to 50 percent of entertainment expenses directly related to the active conduct of a trade or business. This also applied if the entertainment incurred immediately before or after a bona fide business discussion, associated with the active conduct of a trade or business. The TCJA eliminated the deduction for all expenses

This week we will take a look at another change brought about by the recent tax reform bill. Old Law When a taxpayer made a monetary donation to a college or university that counted as a charitable donation, they would sometimes get the right to buy tickets to sporting events that they wouldn’t have access to without the donation. Before the Tax Cuts and Jobs Act law was passed, 80% of the ticket price was treated as a charitable contribution. The 80% rule applied whether or

This week we will take a look at some other parts of the Tax Cuts and Jobs Act that was passed in December. Medical Expenses — Under the new law, for 2017 and 2018, medical expenses are deductible to the extent they exceed 7.5% of adjusted gross income (AGI) for all taxpayers. Previously, the AGI “floor” was 10% for most taxpayers. State and Local Taxes — The itemized deduction for state and local income and property taxes (including personal property and sales tax) is limite