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Our Blog

New 20% deduction for "qualified business income"

January 8, 2018

Dear Client,

I am writing to inform you of a significant new tax deduction taking effect in 2018 under the new tax law. It should provide a substantial tax benefit to individuals with "qualified business income" from a partnership, S corporation, LLC, or sole proprietorship. This income is sometimes referred to as "pass-through" income.

The deduction is 20% of your "qualified...


7 last-minute tax-saving tips

Thomson Reuters

The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability — you just must act by December 31

1. Pay your 2017 property tax bill that’s due in early 2018.

2. Make your January 1 mortgage payment.

3. Incur deductible medical expenses (if your deductible medical expenses for the year already exceed the...


Save more for college through the tax advantages of a 529 savings plan

With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until they’ll be starting their higher education, is a Section 529 plan. Tax-deferred compounding 529 plans are generally state-sponsored, and the savings-plan option offers the...


Our New Website!

Norton + Kidd Accounting & Consulting P.C. is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.



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