westchester cpas

Will Charities suffer in light of the TCJA?

Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. While December’s Tax Cuts and Jobs Act (TCJA) preserves the charitable deduction, it temporarily makes itemizing less attractive …

Will Charities suffer in light of the TCJA? Continue reading »

Luxury Auto Depreciation under the TCJA (Tax Cut & Jobs Act)

​The Tax Cut & Jobs Act affords a much greater deduction for business use of automobiles than under the previous MACRS depreciation under the old law.  Basically for a vehicle used 100% for business the depreciation deduction is now $49,360 over 4 years, (including bonus depreciation) where as under MACRS the deduction was $21,185. That …

Luxury Auto Depreciation under the TCJA (Tax Cut & Jobs Act) Continue reading »

Scroll to Top