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Crystal Leibham shares new tax law changes with small business owners, chamber members

POST PHOTO: BRITTANY ALLEN - Sandy Area Chamber of Commerce Director Khyrs Jones presented General Manager Dale Rasmussen and Store Manager Ben Kolibaba with a plaque and a certificate for free advertising with the Chamber at the February Lunch and Learn meeting. New local business Timberline Meat was awarded the Sandy Area Sensational Business award on Wednesday, Feb. 28.

Sandy Area Chamber of Commerce Director Khyrs Jones presented General Manager Dale Rasmussen and Store Manager Ben Kolibaba with a plaque and a certificate for free advertising with the chamber at the February Lunch and Learn meeting at the AntFarm Cafe and Bakery, 39140 Proctor Blvd.

Timberline Meat opened on Proctor Boulevard in Sandy last July, just in time to service the community's Fourth of July barbecuing needs. Because of their newness, Rasmussen told The Post, "We weren't expecting this at all. It's quite an honor."

Also in attendance at the Lunch and Learn was Crystal Leibham of Crystal Clear Tax Solutions. She offered a presentation to the small business owners at the meeting about changes in the tax law effective in 2018.

In her brief rundown, Leibham explained that there have been several changes to meals and entertainment deductions. Apart from feeding one's own staff in-house, meals and entertainment are no longer deductible. For those traveling on business, a 50 percent deduction based on meal expenses is still allowed, but money used to entertain or feed clients is not deductible. Club or conference dues are also no longer eligible for deductions.

In terms of wage deductions, employers also only have 60 days to report W2 forms or else they can't deduct those wages.

On a positive note, Leibham said, under the Tax Cuts and Jobs Act passed on Dec. 22, which affected federal tax rates, deductions and credits, owners of pass-through businesses can deduct 20 percent of their qualified business income (QBI) on their federal taxes. This is limited to business owners with an income of less than $315,000.

"I do see that QBI deduction making up for the meals and entertainment," Leibham noted.

Many chamber members stayed after her presentation to ask questions.

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