Like him or hate him, President Trump recently passed his first major legislation while in office with the tax reform bill passing through the senate in a 51-48 vote. The Tax Cuts and Jobs Act (“Tax Act”) not only substantially reduced the corporate tax rate, but made significant changes to individual taxes as well. The.
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No one knows the future of the Tax Code. But we all should know that the April 18, 2017 tax filing deadline is rapidly approaching! While tax season may not be your favorite time of year, the following tax filing tips can ease the process and prevent the assessment of tax penalties. File on time. Individual.
FOS associate Bailey Larsen has been nominated as being a Top 10% Lawyer in the USA by Lawyers for Distinction. Bailey, a CPA, focuses her practice on taxation, estate planning and corporate matters.
A common technique to minimize gift and estate taxes on the transfer of a family business to younger family members may soon be ending. When an ownership interest in a family business is transferred, its value is usually discounted for lack of control and/or lack of marketability. The discounts typically range from 30% to 40%.
Tax filing day is Monday, April 18. Use the extra weekend to check your returns and prevent these common mistakes: Failing to sign and date your returns. You’d be surprised how often this happens. Remember–both spouses must sign when filing jointly. Checking the wrong filing status. Choose the right box: Single, married filing jointly, married.