Questions About the New Tax Plan?

Mike Miller TAX TIPS

Everyone is hopeful that the new tax plan will spur economic growth. But, how will the new tax plan affect you? Well, it depends…

If you are a large corporation, you will see a fairly large benefit as the maximum tax rate is being decreased from 35% to 21%.

If you are an employee of a large corporation, you might get a raise or bonus because of it.

If you are a small business owner, there will be changes on how you write off business expenses, such as equipment and interest on debt, so ask your accountant for clarification.

We found a great article that explains the new tax brackets for 2018…

The new tax plan has raised so many questions, the IRS will be bombarded with phone calls from taxpayers. So, find an expert in tax and accounting to answer all of your questions. Luckily, you won’t have to know all of the answers by the time you file your 2017 taxes.