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    US Tax Reform For Hipsters
    US Tax Reform For Hipsters
    US Tax Reform For Hipsters
    Ebook124 pages44 minutes

    US Tax Reform For Hipsters

    By Timur Knyazev

    ()

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    About this ebook

    Wondering how tax reform will affect you & your business? Get the inside scoop from this cool easy to read book covering all the key changes! Don't think a tax book can be fun? Try this one & you will love it! Enjoy!



    UPDATED FOR THE 2020 & 2021 TAX SEASONS! (i.e. that's when you will be filing tax year 2019 & 2020 returns)

    LanguageEnglish
    PublisherTimur Knyazev
    Release dateSep 4, 2018
    ISBN9781976794490
    US Tax Reform For Hipsters

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      Book preview

      US Tax Reform For Hipsters - Timur Knyazev

      ME

      1 / Introduction

      On Friday, December 22, 2017, before leaving for his Christmas vacation at Mar-o-Lago in Florida, President Trump signed into law Public Law 115-97, also known as H.R.1, the Tax Cuts & Jobs Act of 2017 (the Act), abbreviated as TCJA & often referred to as the Trump tax cuts, the GOP tax plan, or just tax reform.

      This law represents the biggest reform of the American tax system in over 30 years, since 1986, to be exact & brings dramatic changes to the already fascinating world of US tax.

      The Act itself, one of the stated goals of which was tax simplification, is over 1,000 pages long & it contains some of the most complex & confusing tax rules ever written. How is that for simplification?

      Book structure

      In this book, I will try to summarize the key provisions of the tax reform law & discuss how these will affect individuals & businesses of different types. The focus of this book is on US federal taxation. Just to be clear – tax reform changed our federal tax law & did not directly amend any state laws, although many states do follow federal tax provisions via a concept known as conformity with the Internal Revenue Code.

      Throughout the book, I may refer to the changes introduced as part of tax reform as the ‘new law’ or ‘new rules’ to differentiate from the ‘old law’ or ‘old rules,’ which I will also bring up for comparison & reference purposes.

      There’s no way for us to cover all the changes, so we will concentrate on the major tax provisions.

      Here & there you will also notice links to relevant tax code sections in the following format:

      IRC Section #

      Since many of you might be new to tax concepts altogether, before I dive into the tax reform changes in each area, I will try to do a quick introduction & provide a general overview of the topic in question.

      A couple of important notes & recommendations about this book:

      Research & analyze beyond this book

      This book is designed to provide a general high-level overview of the US tax reform legislation enacted in December 2017. Tax law is complicated & contains lots of tricky exceptions & special rules, so if you are trying to research & analyze a particular matter in-depth, please make sure to do so using reliable sources, such as the tax code itself (formally known as the Internal Revenue Code), reputable research resources, the IRS website (irs.gov) & publications by the Big 4 accounting firms (in case you don’t know the Big 4, they are: EY, PwC, KPMG & Deloitte) or other trusted sources. This book should be a good starting point for your quest, as it will give you some relevant keywords & references to tax code sections to start your search for more detailed insight & guidance.

      Hire a professional

      This book is not a substitute for professional tax advice. In fact, I urge you not to act on anything you read in this book, without consulting a qualified tax pro. I’m sure this book will help you learn more about taxes & possibly answer some general questions, but please remember that nothing replaces professional advice by a qualified tax accountant or attorney. This book is intended for general educational purposes only & does not take into account the specific facts & circumstances of any given tax situation or transaction, each of which is generally unique. Even when you think your situation is super easy & you can do it all yourself, I still strongly recommend to consult with a qualified tax specialist, such as a state licensed CPA (Certified Public Accountant), an IRS EA (Enrolled Agent) or a tax attorney admitted to practice in your state. Would you represent yourself in court without a lawyer, or try to treat a medical condition without a doctor? Probably not. Then why take a risk in a sensitive space like taxes? Tax is not a do-it-yourself kind of area. Hire a professional.

      By the way, this is my first book, so once you are done reading it, please make sure to leave a review on Amazon! Thanks for your support!

      Timur Knyazev, CPA

      P.S. check out my website @ timurk.com

      & follow me on Instagram @ timur.cpa

      2 / Personal Tax

      Are you excited yet? Let’s get this book started for real & kick it off with personal tax matters. After all, that’s what it all comes down to, or as Mitt Romney put it: Corporations are people, my friend, everything corporations earn ultimately goes to people. Where do you think it goes?

      So, when talking about US personal (aka individual) taxes – the starting point is to determine who is subject to them. All US citizens & green card holders are automatically treated as tax residents of the United States, no matter where they live or work. That is our citizenship taxation regime at work & tax reform didn’t change that aspect of our personal tax system.

      Now, as always in the world of tax, there could be some exceptions from this rule. For instance, certain green card holders teamed up with great tax advisors might find a way to build a well-supported tax case & justify that even though they possess a green card, they remained tax residents of another country & should be treated as non-residents for US tax purposes, but that kind of position is a rare exception limited to residents of countries with which the US has a treaty containing a tiebreaker rule under which the exclusive residence of an individual

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