There is a new tax plan making it rounds through the House. It’s ironic that we don’t even have the IRS Code for the massive Trump Tax Plan and the legislators are already wanting to change it. That’s before we even know how it’s all going to work, according to the IRS>
There are 3 parts to what is being called “Tax Reform 2.0.”
Permanently extend the tax cuts for individuals and business owners. Most of these are slated to expire by 2025.
Increase retirement savings with a new universal savings account, expand 529 education accounts (which already got a big boost since the funds can now be used for other education programs and not just college), and create more flexibility to when you can take out retirement funds.
Let startup businesses write off more of their initial costs.
It’s uncertain whether any or all of these will pass and, if they do, how soon it will become applicable.
For now, the best thing you can do is pay attention. Don’t assume your old tax strategy will work. It won’t.
This is what Dave Brubeck had to say about “Taxmageddon 2018: How to Brace for the Trump Tax Plan.”
Diane is a top tax advisor for business owners and real estate investors, and is exceptional at communicating creative tax strategies that are 100% within the law. I have followed her work for years and have learned strategies that have saved a lot of taxes. Taxmageddon addresses the changes in the new Trump tax plan and how tax strategies need to change in 2018. I highly recommend it!
Once you have your copy, make sure you go to Chapter 16 for information on how to register it for free bonuses. www.Taxmageddon2018.com