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State and local sales tax deduction remains, but subject to a new limit

Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or [...]

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Farmers & the Federal Tax Law Changes

Farmers & the Federal Tax Law Changes Sarah Gerhard, CPA Erpelding, Voigt & Co., CPAs   Farmers will see an impact to their bottom line due to the recent tax law changes.  The new [...]

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Personal Exemptions and Standard Deductions and Tax Credits, Oh My!

Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA [...]

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Most Individual Tax Rates Go Down Under the TCJA

The Tax Cuts and Jobs Act (TCJA) generally reduces individual tax rates for 2018 through 2025. It maintains seven individual income tax brackets but reduces the rates for all brackets except 10% [...]