December is a time to look forward to the holidays and take a bit of a break from business. However, for real estate and business owners, it is also the time to look at the next fiscal year and forecast likely revenues and expenses. But because the tax laws have a good chance to dramatically change soon it is important that, while we keep a watchful eye to the future, we take full advantage of the laws currently on the books to maximize the income we can keep while we transition into next year.Read more
All the headlines in the tax planning industry press last week focused on the Trump Administration’s second release of information about their tax reform push. What his tax team gave us was an improvement over the previous release earlier this year, in that it expanded from a one-page outline to a nine-page document.
But details were scant in the Trump Tax Plan, aside from a wish list of revisions to simplify the tax code by eliminating a raft of deductions, reducing the number of tax brackets and doubling the standard deduction, among other interesting ideas. Difficult decisions about where to place the tax bracket breaks, for instance, or whether a fourth bracket for very high-income taxpayers, were all left to Congress.Read more