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Some Permanence in Tax and Spending Package Will Benefit Businesses
With the tax and spending bill now law, there is much the government needs to do to implement the changes that include many tax deduction carryovers made permanent from the Tax Cuts and Jobs Act of 2017. Gene Marks offers his take, noting businesses should prepare to take advantage of changes to bonus depreciation and research and development – both now returned to 100%. Business owners will have a cap increase of $2 that will be tax exempt on their estates. Plus, employers should plan for changes to the taxes on overtime and tips for eligible employees.
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