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1.0 Credits

An overview of the new federal tax withholding requirements after the increase in the standard deduction and the demise of the personal exemption under the new tax act. 

Major Topics

Overview of the tax act and withholding tables.  We will discuss how to plan with the taxpayers regarding the proper amount of tax to have withhold and/or estimated tax payments. There is a fear among many planners that the tables will leave taxpayers under withheld and therefore with significant balances due in April of 2019. In addition, a portion of this program will give illustrations of the 20% additional deduction for the sole proprietors and the flow thorough entities with some examples. Most do not know that this additional deduction is only a reduction of taxable income and NOT AGI or self-employment taxable income.