Help | Contact Us
NukeWorker.com
NukeWorker Menu Changes from the Tax Cuts and Jobs Act honeypot

Author Topic: Changes from the Tax Cuts and Jobs Act  (Read 3231 times)

0 Members and 1 Guest are viewing this topic.

Offline ejones73

  • Very Lite User
  • *
  • Posts: 4
  • Karma: 0
  • Gender: Male
  • Tell Recruiters to use NukeWorker.com
Changes from the Tax Cuts and Jobs Act
« on: Jun 25, 2018, 02:07 »
The Tax Cuts and Jobs Act changed many aspects of the tax code that you should be familiar with as you start your 2018 tax planning. The following white paper discusses many of the changes due to the new tax bill.


http://content.rwbaird.com/RWB/Content/PDF/Insights/Highlights-of-the-Tax-Cuts-and-Jobs-Act.pdf
Eric Jones
Financial Advisor
The Bowker Jones Group
20 years in nuclear consulting, now financial advising
www.bowkerjones.com

Offline Rennhack

  • Forum Administrator
  • *
  • Posts: 8995
  • Karma: 4683
  • Gender: Male
Re: Changes from the Tax Cuts and Jobs Act
« Reply #1 on: Jun 27, 2018, 09:09 »
Could you highlight a few changes that would affect traveling nuclear workers, such as per Diem, or work related deductions?

Offline scotoma

  • Heavy User
  • ****
  • Posts: 286
  • Karma: 24
  • Gender: Male
Re: Changes from the Tax Cuts and Jobs Act
« Reply #2 on: Jun 27, 2018, 09:58 »
There are no deductions for employeee business expenses or moving expenses. It is not a highlight.

Offline ejones73

  • Very Lite User
  • *
  • Posts: 4
  • Karma: 0
  • Gender: Male
  • Tell Recruiters to use NukeWorker.com
Re: Changes from the Tax Cuts and Jobs Act
« Reply #3 on: Jun 27, 2018, 10:41 »
The impact of the changes will vary, drastically, based on your specific tax situation. I would definitely consult a CPA for specific situations, but will provide some general observations (highlights/lowlights).

If you are a W-2 employee, you have lost the ability to deduct unreimbursed business expenses (falls under the previous miscellaneous itemized deductions category which has been eliminated). You've also lost the ability to deduct moving expenses. You will also be taxed on employer-reimbursed moving expenses. To offset the effects of these items, the standard deduction has been doubled to $12,000 for individuals and $24,000 for married couples filing jointly. (See top of pg 4)

If you are a 1099 employee, you may now only be subject to income tax on 80% of your income instead of the full 100%. (See pg 5).

Note that many provisions of the bill are still vaguely worded enough so as to cause tax professionals I work with to question how they will be applied this year and they are awaiting further clarification from the IRS.
Eric Jones
Financial Advisor
The Bowker Jones Group
20 years in nuclear consulting, now financial advising
www.bowkerjones.com

Offline Rennhack

  • Forum Administrator
  • *
  • Posts: 8995
  • Karma: 4683
  • Gender: Male
Re: Changes from the Tax Cuts and Jobs Act
« Reply #4 on: Jun 27, 2018, 04:53 »
Thank you for the reply.

 


NukeWorker ™ is a registered trademark of NukeWorker.com ™, LLC © 1996-2024 All rights reserved.
All material on this Web Site, including text, photographs, graphics, code and/or software, are protected by international copyright/trademark laws and treaties. Unauthorized use is not permitted. You may not modify, copy, reproduce, republish, upload, post, transmit or distribute, in any manner, the material on this web site or any portion of it. Doing so will result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.
Privacy Statement | Terms of Use | Code of Conduct | Spam Policy | Advertising Info | Contact Us | Forum Rules | Password Problem?