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Since 2008, BMD Professional Consulting LLC has been instrumental in the ongoing financial and accounting security of my business. They not only are consistent with providing accurate and timely numbers, but have also been very flexible over the years with our busy schedule. BMD Professional Consulting LLC has far exceeded our expectations since the beginning and has continued to impress us with their financial and accounting knowledge as well as the professionalism they demonstrate over and over again. As a business owner, I understand how important timely, accurate and ethical accounting activities are, especially when new tax laws are created each year. Birhanu has been exceptional with respect to understanding these tax laws while also providing a first-class service of explaining each of them. I can, and have recommended BMD Consulting to anyone who is seeking a financial and accounting service that exceeds all expectations.” 
 
Mark Johnson 
Director of Operations
Kreative Corporation

 

"BMD Professional Consulting services are like family to us!  They have been a part of our growing company over the past few years, and have supported us from the start.  With the trust that I have for their financial knowledge and advice, it helps me manage my growing business knowing that our financial obligations are being satisfied.  I am able to trust that BMD is doing what is needed in the background while I am able to focus on my customer base, growing and expanding our business.  They are always reliable and available with quick responses when I have any questions or in need of any assistance – which can be difficult in their industry.  We very appreciate of BMD’s services and hope to continue to build an everlasting partnership."

Tas Gordon
President - 9TRV LLC and Narina Inc
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"BMD Professional Consulting services has been a wonderful partner to me over the past few years. I have two business ventures - one nonprofit and a technology company. With the advice and support from BMDPC, I have been able to increase my profits and gained a better understanding of different financial options as I have matured my operating model. I recommend that you partner with BMD as I have- you will see the improvements in your own business ventures. They are ethical, knowledgeable and collaborative.... what great traits to have in a business partner!!!! " 

Tarrazzia Martin
CEO TAS Enterprises and CO-Founder Agape International CSO

Recent News

Six Things to Know About the Changing Tax Environment - 2018 and beyond

1. Individual Tax Rates - the new tax law follows the same seven-bracket structure for individuals as previous law, but thetax rates for many of those brackets decreased, and the income ranges that fall within each bracket changed. For example, the highest individual tax rate is now 37% rather than 39.6%, and it onlyapplies to taxpayers who make more than half a million.

2. Corporate Tax Rates - The corporate tax rate was cut permanently from 35% to 21%. Additionally, the corporate Alternative Minimum Tax (AMT) was eliminated, and there have also been changes made to US taxation of foreign income. Now there is a 100% dividends received deduction for distributions from controlled foreign corporations.

3. Pass-through Entities - Pass-through entities (including sole proprietorships, partnerships, LLCs, S corporations, hedge funds, real estate companies, and private equity funds) have also seen a major change to their taxes. The pass-through deduction is now up to 20% until 2025. It’s almost like getting 20 percent ofthe business’s income tax free. This new provision phases out for accountants, engineers, lawyers, and other service professionals once their income exceeds $157,500 for individuals filers and $315,000 for joint filers. 

4. The Standard Deduction - The standard deduction increased from $6,350 to $12,000 for single filers and $12,700 to $24,000 for joint filers. The increase applies until 2026.

5. Moving, Mileage and Travel Expenses - The deduction for moving expenses is suspended for tax years between Dec. 31, 2017 and Jan. 1, 2026 (with the exception of taxpayers who are active members of the military). All two-percent itemized deductions are also suspended, including unreimbursed employee travel expenses.

6. Salt Deduction Limitations - The new SALT deduction limitation is $10,000 for individuals and $5,000 for married individuals filing separately. This limit only affects those who itemize their deductions on their tax returns and applies to tax years between Dec. 31, 2017 and Jan. 1, 2026.

Making Charitable Donations Of Stock Instead Of Cash After Tax Reform

Donating of appreciated long-term stock instead of cash can be a smart tax-planning move. With a charitable gift of appreciated securities held long-term, the donation you make and the deduction you get are greater than they would be if you were to sell the shares and donate the cash proceeds instead. That is because when you donate shares, you avoid paying the capital gains tax. Read More: https://www.forbes.com/sites/brucebrumberg/2018/11/26/making-charitable-donations-of-stock-instead-of-cash-after-tax-reform/#7005217acb3a