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The employee portion of medicare tax increases from 1.45% to 2.35% for all earnings over $200,000 for individuals and $250,000 for married filing jointly.

Self-employed? Hire your <21 age kids as employees and avoid certain payroll taxes such as unemployment tax.

The old way of thinking about profits is Gross Sales – Expenses = Profit. You should start thinking about the equation this way: Gross Sales – Profit = Expenses.

If you are planning to buy a timeshare, be sure you are listed on the deed to the property. This will allow you to deduct property taxes on your tax return.

If you are planning to buy a boat with a loan, be sure the boat has a head (bathroom). The loan interest can be deducted on your taxes.

Did you know that income earned from a hobby can be offset by expenses used in that hobby? Just be sure to follow hobby-loss rules and not deduct more than your hobby income.

The popular belief that making more money, and being pushed into a higher tax bracket, will actually cost you more in taxes than earnings is not true.

LLC, C-Corp, S-Corp, PC, DBA. With so many types of business entities to choose from, make sure to consult a tax professional to understand the tax consequences of each one.

The maximum deduction allowed under section 179 was increased to $1,000,000 starting in 2018. Be sure to consider this in your tax planning for all business purchases.

If you are self-employed you must make quarterly estimated payments or be subject to penalties and interest.

Making one extra payment per year can reduce a 30 year mortgage by 7 years, saving thousands in interest and taxes.

The standard deduction has been nearly doubled to $12,000/$24,000 for single and married filers, respectively.

There are no personal exemptions for individuals and dependents starting in 2018.

The child tax credit has been doubled to $2,000 for each eligible child, and the phaseout to claim it has been more than tripled to $400,000.

Significant change for 2018: a 20 percent deduction of qualified business income from certain pass-through businesses will be allowed.

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