This month, we will be reviewing updates to products and taxes in the Sage 50 US year-end center. In this post, we will discuss updates to product classification, changes in state income taxes, and more. Be sure to check it out to gain a better understanding of what may change for you and your business over the next year!
As you prepare your taxes for the end of the year, be sure to check out our latest product and tax updates for Sage 50 US. This software provides comprehensive accounting and taxation solutions for businesses of all sizes. We have released several new features that will help you stay organized and compliant with current tax laws. In addition, we have made several updates to our TaxCalc module, which allows you to easily calculate taxes based on your income and expenses. Finally, we have added support for international corporate income tax calculations, making it easier than ever to manage your tax obligations across borders.
Sage 50 US Year-end Center
The Sage 50 US Year-end Center is a comprehensive resource for corporate, estate, and individual tax planning. The Sage 50 US Year-end Center includes expert analysis of current tax law updates as well as historical data and trends.
The Sage 50 US Year-end Center provides users with the latest information on federal, state, local, and international taxes. This comprehensive resource also includes tips for reducing your tax liability, including strategies for incorporating abroad and utilizing offshore accounts.
The Sage 50 US Year-end Center also offers guidance on estate planning and charitable giving. This comprehensive resource provides users with information on creating and executing estate plans, as well as guidelines for philanthropic giving.
As we near the end of the year, it's important to stay current on product and tax updates. This includes the new changes to product pricing, tax laws, and compliance requirements. Here are some key things to keep in mind:
1. Changes to product pricing - In recent months, there have been a number of changes to product pricing across many different industries. Some examples include Amazon raising prices on some items, Walmart dropping price points on select items, and Nike expanding its free shipping policy for U.S. customers. It's important to track these changes so you're aware of any potential savings or increases in costs.
2. Changes to tax laws - There have also been numerous changes to tax laws in 2018 that may affect your business. For example, the Tax Cuts and Jobs Act (TCJA) reduced the corporate income tax rate from 35% down to 21%, making it more attractive for businesses to relocate or expand here in the U.S.. Additionally, the TCJA doubled the standard deduction amount for individuals and families, which can make filing taxes less expensive for certain groups of taxpayers.
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3. Compliance requirements - As you continue preparations for 2019 taxes season, be sure to keep up with current compliance requirements such as new information reporting rules under The Foreign Account Tax Compliance Act (FATCA), updated anti-money laundering regulations under Title II of Dodd-Frank, and other new rules pertaining specifically to your industry or business type
Product Updates
1. Sage US Year-end Center released its annual tax report, which features updates on the current state of the US tax code and recent changes in product offerings.
2. The report includes a review of current IRS guidance and how it affects Sage's products, as well as an overview of recent changes in US taxation including individual income tax rates and deductions, payroll taxes, estate and gift taxes, and international taxation.
3. Highlights of the Sage US Year-end Center report include:
-An updated analysis of the impact of recent changes to the U.S. tax code on select business entities
-New product offerings including individual income tax planning services and an update to the Sage Tax Planning Professional program
-Updates to the online resource library with topical guides on topics such as estate planning, international taxation, and more
Tax Updates
As the year comes to a close, Sage is providing some tax updates. Below are some of the most important changes impacting businesses with US operations in 2017:
For income taxes, the standard deduction has increased to $12,000 for individuals and $24,000 for married couples filing jointly. The child tax credit has also been increased to $2,000 per eligible child. These changes will reduce the number of tax returns that need to be filed by many businesses.
The estate and gift tax rates have also changed. The estate tax exemption has increased to $5 million per individual or couple, which reduces the amount of money that must be paid when a person dies. The gift tax exclusion has been lowered from $13,000 per individual to $10,000 per individual. This change will impact many people who make large gifts during the year.
In addition, special rules related to deductions for business expenses have changed for 2017. Businesses can deduct both ordinary and necessary expenses if they are connected with the business operation. There are several exceptions that apply including items such as personal use of a car (unless used in your business), luxury transportation (like private jets), homeoffice renovations not connected with job duties, and more. It is important to consult with an accountant or other professional advisor before making any major expenditures in order to ensure they are deductible.
Conclusion
As you may be aware, there are a number of pending product and tax updates that will have an impact on your business in the coming year. In this article, we have summarized these updates and provided tips on how to prepare for them. We hope that this information has been useful and that you will continue to rely on Sage 50 US Year-end Center as your go-to source for product and tax news. Thank you for being a valued customer!
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