President’s Tax Plan Changes Back at Square One
Taxes, taxes, taxes! It was arguably the number one issue during the recent presidential election and President Trump made it very clear that he planned to make some major changes to our country’s tax code. With the republican-led House and Senate in place, it seemed like it would just be a matter of time before major changes occurred.
However, as with the new administration’s efforts to change the nation’s healthcare plan, the president is finding tax reform to be anything but easy. In fact, according to recent reports, President Trump has now tossed out the tax reforms plans he campaigned for and is basically going back to square one.
As with most issues on Capitol Hill, the administration is finding it difficult to work with the many different parties involved, as well as finding common ground that appeases everyone, or even enough lawmakers in his own party. At this point, the president and his administration have not been able to find much they can agree on with other lawmakers in Washington, which means any major reforms are still on hold.
The new administration wants to cut taxes in an effort to improve the economy, especially in industrial locations and depressed rural pockets where many of his supporters live. However, those efforts have not amounted to any changes that everyone can agree upon at this point.
So, while everything from the payroll tax to corporate taxes could eventually be in play, at this point the stalemate in Washington Continues.
http://wtop.com/dc/2017/04/trump-taxes-president-scraps-tax-plan-timetable-threatened/
Loss on Sale of 1244 Stock
Have you considered a loss on sale of 1244 stock as a tax strategy? Ordinarily, a loss on a sale or exchange of stock is a capital loss. Capital loss treatment is generally less advantageous than ordinary deduction treatment because of the fact that a capital loss recognized by an individual is applied, first against…
Section 213 Medical, Dental, etc., Expenses
Section 213 Medical, Dental, etc., Expenses (a) Allowance of deduction There shall be allowed as a deduction the expenses paid during the taxable year, not compensated for by insurance or otherwise, for medical care of the taxpayer, his spouse, or a dependent, to the extent that such expenses exceed 7.5 percent of adjusted gross income.…
Prevent an IRS Audit, 10 Strategies
Prevent an IRS Audit, 10 Strategies Do you like to prevent an IRS audit, well, here are 10 strategies that might help avoid an agent making a visit to your home or office. I don’t know many people who like these experiences, but knowing strategies to prevent an unwanted visit could certainly save you from…
10 Strategies When Handling an IRS Audit
10 Strategies When Handling an IRS Audit The IRS is using new technology to process tax returns and conduct tax audits. As more people are submitting returns through Electronic Filing, the IRS efficiency in processing returns is improving. They also have more data in their system to identify tax returns with non-compliance issues. The IRS…