Another tax season has come and gone and we are left with a lot to consider. This was the first year we got to see the Tax Cuts and Jobs Act in action and a lot of people, it seems, were caught off guard.

So in this episode of unsuitable on Rea Radio, Chris Axene, Rea’s sultan of taxation, joins us to go over what the accounting industry noticed about this year’s tax season – the good, the bad, and the ugly – and how we can improve in the year ahead.

Winners & Losers

Whenever there is tax reform, there are winners and losers, and as we exit the tax season, we have a much clearer picture about who came out on top. One of the big winners is the small business owner with average annual gross receipts of $25 million or less for the three years prior, who is allowed to use the cash method of accounting. This is also indexed for inflation, so the threshold will be $26 million in 2019, meaning even more business owners will be able to benefit from this in the year ahead.

If you are pay taxes as an individual or a business, you will be interested in these other topics discussed in this episode:

• Who is now paying more due to tax reform.
• What’s up with qualified business income?
• Where there are opportunities for businesses to save money in the 2019 tax season.

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