November 30, 2016
The election of Donald Trump as President of the United States could result in major tax law changes in 2017. Proposed changes spelled out in Trump’s tax reform plan released earlier this year that would affect businesses include:
President-elect Trump’s tax plan is somewhat different from the House Republicans’ plan. With Republicans retaining control of both chambers of Congress, some sort of overhaul of the U.S. tax code is likely. That said, Republicans didn’t reach the 60 Senate members necessary to become filibuster-proof, which means they may need to compromise on some issues in order to get their legislation through the Senate.
So there’s still uncertainty as to which specific tax changes will ultimately make it into legislation and be signed into law.
It may make sense to accelerate deductible expenses into 2016 that might not be deductible in 2017 and to defer income to 2017, when it might be subject to a lower tax rate. But there is some risk to these strategies, given the uncertainty as to exactly what tax law changes will be enacted. Plus no single strategy is right for every business. Please contact us to develop the best year-end strategy for your business.
Obtaining a death certificate and determining whether an estate tax return needs to be filed will be the last things on your mind if your spouse dies unexpectedly. But these and other steps must be taken.
Businesses generally can determine their vehicle expense deductions either by calculating the actual expenses or using the IRS’s standard mileage rate, which has increased for 2019. Here’s what you need to know.
Is an estate plan necessary for your college-aged child? The answer is “absolutely yes.” Learn the essential documents he or she should have.