Tips & Tricks - Tax Updates

The Greater Coachella Valley Chamber of Commerce is excited to partner with the City of Indio on this month’s edition of Tips and Tricks, a professional development series.  This month our presentation will focus on Tax Updates, presented by guest speakers Jason Schneider, CPA (Partner) and Sophia Hinojosa, CPA (Tax Manager) from Osborne Rincon.

The Tax Cuts and Jobs Act was the most comprehensive tax reform package in 60 years.  Many of the tax provisions we are used to getting have either been changed or removed altogether. 
 
The topics we will cover are as follows:
 
Individual taxation:
·         Tax brackets
·         Standard deduction and exemptions
·         Itemized deductions (new, changed and removed)
·         QBI deduction
·         Other changes including trusts and estates
 
Business taxation:
·         Tax rates
·         Deductions (changes and eliminations)
·         Qualified business income
·         Depreciation
·         Other changes
 
To fully take advantage of the new tax laws and provisions, you need to be proactive with your tax planning rather than waiting until March or February to look at your situation.
 
The Tips and Tricks series is designed to help the local business community develop necessary skill sets for today’s business environment.