itemized deductions

Trump’s Tax Plan Then And Now, Part 1

What specific tax plan will Donald Trump implement as President of the United States? Trump’s initial plan released in September 2015, set forth four tax brackets of 0%, 10%, 20% and 25%. In October, just prior to the election, he released a new plan that adopted the House Republicans’ approach using three tax brackets, 12%, 25% and 33%. Either plan seems to adopt aspects of the tax reform pursued by House Republicans, as the president-elect moves closer to the Republicans’ tax agenda. Here’s a look at Trump’s tax plan then and now.

Your Business Loses Money; Tax Benefits or Concerns?

I’m often asked by nervous new business owners if they can recover a tax refund for a business loss. Receiving a tax benefit from a business loss depends on the type of entity formed and whether the investment in the business is “at risk” in whole or in part. It also depends on the presence of other income.

Owners of a corporation are not taxed directly on business profits and losses because the corporation’s taxes are taxed separately. For other types of enterprises, business income and loss passes through to the owner’s personal tax return. These business types are:

Start Your Year-End Tax Saving Moves Now – Here’s How Part 2

It’s already fall and before you know it, another year wil be upon us. It’s never too early to plan ahead to minimze your tax bill. An experienced and knowledgeable tax professional can help any individual or business make the right year-end savings moves with important advice and assistance. Here is the second part of a two-part series on some things to ponder when considering potential tax moves between now and the end of 2016:

  1. Accelerate deductions

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