Game Changer
Imagine NFL teams playing on a field 80 yards long or a pro golf tournament held on a course with no par fives. Would that change the nature of the game? You bet.
Something similar has happened in tax planning: the playing field has changed.
- The standard deduction has nearly doubled.
- The personal exemption and many itemized deductions are gone.
- The corporate tax rate has fallen by 14%.
- Most sole proprietorships and LLCs can deduct 20% of their incomes tax free.
- The corporate tax rate – formerly 35% – is now 21%.
- The individual estate tax threshold has doubled.
- The maximum mortgage interest deduction has shrunk by 25%.
- The cap on deducting state & local property taxes is now just $10,000.1
- And many more…
Have you considered what changes like these may mean for your business, your real property, your household finances, your investments, and your estate?
When the “playing field” changes, it is time to look at the rules of the “game” in a new way – with a new understanding of how you must adapt. How are you planning to respond to these developments? Are you planning at all?
You should be. As a first step, contact me, today. Year after year, I help high earners determine how to pay less taxes and find opportunities for tax savings. This year, I would like to help.