The Tax Cuts and Jobs Act (TCJA) created the Qualified Business Income (QBI) deduction for tax years 2018-2025. Essentially, certain elements (but not all) of a business owner’s income are getting a tax break.
The IRS has released recommended mileage reimbursement rates for 2019. Each year the IRS performs a study on vehicle costs to determine whether to adjust the rates. Rates not only changed this year, but some adjustments resulted from the new tax reform.
Tax planning in 2019 continues to be a moving target due to the TCJA (Tax Cuts and Jobs Act) enacted in December 2017. Although there is still uncertainty as we await clarification by the government and IRS, enough of the law is currently in practice to allow substantial tax planning to occur.