Metal coils machine. Interior of factory.

TCJA Brings Changes for Construction Contractors and Manufacturers

With the recent tax legislation come changes that affect businesses in every industry. What’s changing? A lot – everything from the tax rates you’ll pay to the deductions you can claim. For government contractors in the construction and manufacturing sectors, TCJA’s impact is mostly positive, although the law is not without costs for these companies. Here’s a look at some of the most significant impacts, both good and bad.

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back of college graduates during commencement.

Invest in Your Children’s Education–Contribute to a 529 Plan!

Contribute to 529 plans–it’s never too early or too late to start putting money away for a child’s college education. The education days will be here sooner than you think and likely more expensive than you were planning on! 529 contributions are not limited to parents; this is for grandparents, aunts, uncles or anyone with interest in helping provide the means necessary for a child’s higher education.

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tax reform–judge gavel, scales of justice and law books in court

2018 Tax Update

The 2018 tax reform legislation passed by Congress in late 2017 significantly changes the landscape for individuals for the coming years. For many taxpayers, the changes made by the legislation present a host of tax planning challenges and opportunities going forward. Due to the elimination or limitation on itemized deductions and the elimination of personal exemptions, a key consideration in planning for 2018 is to first look at ways to lower your taxable income. You should thus consider maximizing all pre-tax contribution opportunities such as your 401(k) and maximizing deductible IRA contributions.

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