The sooner you get educated on the new Trump Tax Plan, the more money you can keep. ~ CPA, CEO and Tax-Free Wealth Author Tom Wheelwright
TEMPE, Ariz. (PRWEB)
January 10, 2018
CPA, CEO and Tax-Free Wealth Author Tom Wheelwright uncovers 10 Ways To Benefit From Trump Tax Reform to reduce mass confusion over the new GOP Tax Plan that just passed. After reading the entire 1,097-page tax bill, Wheelwright outlines how many (corporations, small business, investors and individuals) can benefit from the new Tax Cuts and Jobs Act.
Wheelwright urges taxpayers to reach out to their Tax Advisor this month, and explains, “The sooner you get educated on the new tax plan, the more money you can keep.” These new rules are confusing, and consulting a Tax Advisor is highly recommended.
10 Ways to Benefit from Trump Tax Reform by CPA/CEO Tom Wheelwright
1. Corporate Tax Rate Reduced to 21% – Corporations are the biggest winners of the Trump Tax Plan by far with a reduced 21% tax rate (reduced 14% from 35%).
2. Small Business 20% Deduction on Pass-Through Income – Small businesses and real estate investors can now take a 20% deduction on their income. Professional service companies, like doctors, lawyers and accountants (though not engineers or architects), business will only get the 20% deduction if their taxable income is less than $157,500 ($315,000 on a joint return).
3. Business Automobile Depreciation Increased – Business owners receive increased tax deductions for business automobile depreciation, which may make buying cars more popular than leasing. Depreciation limits for the first four years increase from $3,160/$5,100/$3,050/$1,875 to $10,000/$16,000/$9,600/$5,760.
4. Business Equipment Section 179 Depreciation Deductions Expanded – Along with equipment (computers, machinery), the Section 179 depreciation deductions for equipment has expanded to include residential rental properties, roofs, HVAC units, fire alarms and security devices.
5. Business Equipment Deductions Expanded – Beyond the Section 179 deduction, businesses can take a 100% deduction for any new or used equipment, including trucks, SUV’s and office equipment.
6. Charity Contributions receive State Tax Credits in Many States -…