We are releasing a 2-part episode on Taxes and Beer about some of the weird tax changes that were included in the Tax Cuts & Jobs Act. We say "weird" because these changes don't fit a larger narrative, don't seem to appease any special interest groups, nor have any specifically articulated reason as to the why behind the change. Our opinion, as a firm, on these changes is that they were concession items to enable the projected budget deficit increase under the mandated 10 year threshold of $1.5 trillion. The question was likely, what can we change that would increase revenue and upset the smallest number of people? Nonetheless, taxpayers need be aware of these changes, as they will impact millions of Americans. The topics we cover on Part 1, with their respective promotional slogans, are:
- Alimony - "Make Divorce Messy Again"
- Moving Expenses - "Make Moving Expensive Again"
- Entertainment Expenses - Let's keep business in the office
- 100% deductible Meals (those provided for the convenience of the employer at work) - let's keep meals at the restaurant
- Miscellaneous Itemized Deductions (think Unreimbursed Employee Expenses) - Eh, miscellaneous is hard to spell
Tune in and keep an eye out for Part 2!
About Dark Horse CPAs
Dark Horse CPAs provides integrated tax, accounting, and CFO services to small businesses and individuals across the U.S. The firm was founded to save small businesses (and their owners) from subpar accounting and tax services and subpar client experiences. These small businesses are Dark Horses among their larger and more well-known competition. Being a Dark Horse CPA means advocating for small businesses by bringing them the tax strategies and accounting insights previously reserved for big business. Get a quote today.
