AUTOMOTIVE ADVISORS AND CPA'S
2017 Tax Cuts and Jobs Act Information
Here you will find information on the new tax laws and how it may impact your taxes. The focus of this information is on the Auto Dealer Client.
While the new tax act has many new and complicated provisions, below are items that we think are of most importance to Auto Dealers in regards to their dealership's tax returns and personal 1040's. Click on each item you are interested in to learn more.
Dealership Tax Return Items:
How Much will my Taxes go Down?
20% Qualified Business Income Deduction
Increased Depreciation Deductions
Limitation on Meals & Entertainment Expenses
Interest Expense Deduction Limitations
Should I elect to Become a C-Corp to get 21% Tax Rate?
New Luxury Auto Depreciation Rules
New Mortgage Interest Rules
Alimony Deduction Eliminated Starting in 2019
State Tax Deduction Limited to $10,000 (coming soon)
New lower Tax Rates (coming soon)
Elimination Of Several Itemized Deductions (coming soon)
IRS Record Retention Guide
NADA Record Retention Guide
Local Dealership Organizations and Governmental Agencies
Maryland Auto Dealers Association (MADA)
The Washington Area New Automobile Dealers Association (WANADA)