Taxes

Last week on December 22, 2017, President Trump signed into law the largest overhaul of the U.S. tax code since the Reagan administration. The law has been widely hailed as very positive for business, and it appears that the law also provides benefits for many middle-income taxpayers.

On Saturday, December 2, 2017, at about 2:00 AM, Eastern Standard Time, the US Senate passed the most comprehensive tax reform bill in more than thirty years: the Tax Cuts and Jobs Act. Previously, in mid-November, the House of Representatives had passed a version of the same bill.

Many of our clients are truly savvy individuals who have a firm grasp on not only the tax tips that follow, but on even more complex tax strategies that are often advantageous for larger businesses with millions in sales and dozens or even hundreds of employees.

The recent presidential campaign featured quite a bit of debate on taxes, focusing especially on whether top earners were paying their fair share.

In the midst of holiday celebrations with family and friends, it’s easy to forget that tax time is just a quarter away. There are steps you can take before the year ends to minimize your tax bill.

Did you watch the Presidential Debate last night? Most Americans agree that this has been one of the most eventful and contentious Presidential races in recent memory. And many Americans believe both candidates are flawed. Nevertheless, these are the candidates that rose to the top in each party’s primary process.

The first Presidential Debate is scheduled for September 26. At that time we will see Hillary Clinton and Donald Trump square off against each other. In the meantime, both candidates are beginning to fill in the details of their platforms.

If you have investment losses this year, consider “harvesting” those losing positions before year-end to reap tax benefits. Here’s how the strategy of tax loss harvesting works: When you sell a position for a loss, you can use the loss to offset your annual capital gains.

It’s the time of the year when investors who hold mutual funds in taxable accounts begin to brace for a potential nasty surprise.