New Tax bill and your business
In a Nutshell: Trump’s New Tax Proposal and Your Business
Intaxication: Feeling of excitement when you get more of a tax refund than you originally expected.
Within the past few months the Trump’s Presidency has implemented a new legislative bill that will change the way your business does taxes. From the latest GOP bill, businesses will receive scads of benefits. The biggest is being a cut in federal corporate tax. The rate will go from 35% to a whooping 21%. Also there will be a 20% deduction for all pass through businesses. In addition, married individuals who own service-based businesses such as accounting and law firms can receive 20% in deductions if they make under $315,000. Furthermore, the alternative minimum corporate tax rate will be eliminated!
Major economic outlets such as the WSJ expect a serious boost in profits! The Republicans hope that this will stimulate more of an economic growth- in which then will turn into more revenue for businesses.
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