TSBDC hosts Lunch n’ Learn on new tax law

The Tennessee Small Business Development Center (TSBDC) at Southwest Tennessee Community College recently hosted a lunch and learn session on the Tax Cuts and Jobs Act (TCJA) of 2017. The agency partnered with Memphis Consulting Group, a leading CPA firm that specializes in client accounting, tax planning, compliance and resolution. Workshop facilitator and Memphis Consulting Group Chief Executive Officer Jonathan Nyaku focused on the tax implications and opportunities for individuals and small businesses.

Jonathan Nyaku

“The TCJA impacts several taxes, including personal taxes, investments, tax credits and business taxes,” Nyaku said. He says besides the steep decrease in corporate taxes, the standard deduction for personal taxes has practically doubled for every category and other certain deductions also have been enhanced, including benefits for charitable giving. “The limitation on charitable contributions has increased to 60 percent of adjusted gross income.”

Nyaku says it might be helpful to consider advanced planning to avoid unplanned tax obligations and surprises in the near future.  “Tax planning opportunities exist in retirement strategies, contributions to Healthcare Savings Plans and the use of 529 Plans,” he said. “Taxpayers also should consider re-working their withholding allowance on Form W4. The TCJA of 2017 provides opportunities for taxpayers, but some of them are temporary.”

For more information about the TCJA of 2017, contact TSBDC or Jonathan Nyaku at 901-791-4643 or email him at nyaku@memphisconsultinggroup.com.