Trump tax plan-tax planning tips

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Old 01-05-2017, 12:02 PM
Bloom&Company Bloom&Company is offline
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Default Trump tax plan-tax planning tips

THE TRUMP TAX PLAN
AND WHAT YOU NEED TO KNOW IN 2017
CALL: BOB BLOOM, CPA 425 941 5224
Individual Tax Rates
The Plan reduces the current 7 tax brackets to 3 brackets, 12%, 25% & 33%. With these rates there will be a slight savings for taxpayers currently in the 15% bracket however for some taxpayers currently in the 28% tax bracket they will be taxed at 33%. Trump has stated that these tax increases will be corrected in the final legislation so that no American will face a rate increase.

Net Investment Income Tax
This tax which is applied to investment income on couples with more than $250,000 of adjusted gross income will be eliminated.

Itemized Deductions
Standard deductions will increase to $30,000 from the current $12,600 for married couples. Similar adjustments are made for singles too.

Other Individual Changes
The Alternative Minimum Tax (AMT) will be repealed.
Personal exemptions will be eliminated.
Head of Household filing status will be eliminated.

Estate Tax
Currently there is a 40% estate tax on individuals who die with an estate exceeding $5,490,000. Trump’s Plan eliminates this and replaces it with a capital gains tax on assets that appreciated during the decedent’s lifetime with the first $10,000,000 of gains being exempt.

Business Changes
The Plan will reduce the tax rate from the current 35% to 15% for corporations.

The 15% tax would also apply to sole proprietors and pass-through entities such as LLC’s partnerships and S Corporations.

Eliminate the business alternative minimum tax.
A 10% tax would be placed on the repatriation of corporate profits held offshore.

CALL BOB BLOOM, CPA 425 941 5224. Bob will come to your home and meet with you to discuss your tax needs at no charge. He can address complex tax issues including in and out of State and Country. Prices are reasonable and service is professional and courteous. Bob had a 35 plus year tax practice in Seattle, Washington and is licensed in Florida as a CPA.
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