They say the Tax Cuts and Jobs Act is the biggest overhaul of the US tax system in 30 years. The impact will spread far and wide, starting with a significant cut in the corporate rate from 35% to 21% and lower levies on repatriating overseas profits. Yet, like the rest of us, you're probably wondering, "So, what does that have to do with me?" Even with the biggest impact aimed at businesses, there are still several changes to the personal income tax laws, and we highlight them here just for you!
If there was ever a better time to own your own business in America, 2018 and beyond may just be it (or at least as good as it can get)! The much anticipated tax reform for business owners and corporations is finally coming to fruition since President Trump took office. As expected, there's a significant reduction to the corporate tax rate and also a few more goodies that may make your year-end accounting a little bit easier.
We're getting close to the end of the year, and a major reform to the tax code (the largest we've seen since the 80's) is just on the horizon. While nothing has been finalized yet, there are some similarities in both the House and Senate versions of the reform bill that we can see and begin planning now! The big changes we see to your personal taxes involve mortgages, children, estate exemptions, and the standard deduction itself.
If you have been named a trustee or an executor of an estate, you don't have to go at it alone. It's an honor to be put in this position, but it also comes with a lot of responsibility. Here are 10 things to do when you are appointed trustee of a trust.
A second home can be an investment or act as a regular escape destination for you and the family. However you choose to use it, there are multiple savings opportunities you can take advantage of after buying a second home. Here's some info to get you started.
To some it sounds daunting, but for anyone serious about growing their business, it's important to consider how incorporating can save you money on taxes and limit your liability for business debts. As well as much, much more!
The richest families in America were not overnight successes. Rather, their fortunes have stood the test of time and are the result of strong family ties and very smart estate planning. Here are the top 10 families in American and their rise to riches. Like we always say, significant wealth isn't out of reach, it just takes good planning.
The startup life can be exciting, and for many the learning curve is huge. In the midst of growth and opportunity, many entrepreneurs make costly legal mistakes which can be easily avoided with the proper preparation. Here are some of the most common legal missteps made by businesses in the startup phase.
A celebrity's image and likeness can continue to produce considerable income after death. This type of IP is considered part of your estate, and the IRS can tax its value. Fortunately, past celebrity estate plan failures can provide a lesson for the rest of us.