Announcement

Collapse
No announcement yet.

How your taxes may change in the new administration

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Zaphod
    replied




    Of course it’s all speculation but I believe most business owners here should try to push income to next year and maximize deductions this year.

    For instance if you have a defined benefit plan that has a range for funding, max that out this year. Which means less funding in future likely.

    If possible to get paid after dec 31st then that could be useful too.
    Click to expand...


    I usually get my dec check in first week of Jan, so I could easily claim it as receipt time but have been doing it the other way in continuity with the owners method...changing makes a difference but interested of course.

    Leave a comment:


  • VagabondMD
    replied




    Of course it’s all speculation but I believe most business owners here should try to push income to next year and maximize deductions this year.

    For instance if you have a defined benefit plan that has a range for funding, max that out this year. Which means less funding in future likely.

    If possible to get paid after dec 31st then that could be useful too.
    Click to expand...


    I have already checked with our CPA to see how much income we can push to next year (by law, not much at all) and how much of our expenses due in the first six months of 2017 we can prepay before the end of 2016.

    Leave a comment:


  • VagabondMD
    replied
    Thanks for summarizing it for us.

    Leave a comment:


  • How your taxes may change in the new administration

    My newsletter article for November, A Look at Donald Trump's Tax Plan, will be posted on PMD later today. I've dug in to the various commentary on the highlights of his proposals and what they will mean for taxpayers, particularly HIPs. Mostly good news, a little not-so-good, assuming the final version is similar to the current plan.
Working...
X