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10 Things To Do after the Trump Tax Plan Approval

10 Things To Do after the Trump Tax Plan Approval

 

According to J.P. Morgan, there are then things to consider after the enactment of the tax reform:

  1. Pay 2017 State income tax before year end if not subject to Alternative Minimum Tax (ATM).
  2. Pay 2017 local tax such as property tax if not subject to ATM.
  3. Donate to a charity in 2017.
  4. If subject to AMT exercise stock options in 2017.
  5. Execute 1031 exchanges in 2017.
  6. Make gifts up to the new limit $11.2M before 2025 when the exclusion is reduced.
  7. Check your will and life insurance policies to adjust to the new limit $11.2 estate tax.
  8. Review your portfolio holdings and determine the need to adjust to the new tax law.
  9. Structure mortgage debt without going over the limit of $750K interest deduction for homebuyers.
  10. Structure your business to become a SCorp or LLC to take advantage of the reduced 21% tax rate and 100% of capital expense for depreciation.
Consider consulting a tax professional to plan your strategy according. We will be happy to help you.
 
Join our Facebook Group IRS Debt Tax Resolution for more useful tips.
 
Fulton Abraham Sanchez, the founder of FAS CPA & Consultants of Miami, FL, is a Certified Public Accountant. You can email him to fa@fascpaconsultants.com.

 

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Fulton Abraham Sanchez, CPA

Fulton Abraham Sánchez, CPA is a Certified Public Accountant, specialized In Tax Planning, International Business, Wealth Management and Offshore Banking. You can email him to fa@fascpaconsultants.com or follow us on Facebook : FAS CPA & Consultants.

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