10 Things To Do after the Trump Tax Plan Approval
- Pay 2017 State income tax before year end if not subject to Alternative Minimum Tax (ATM).
- Pay 2017 local tax such as property tax if not subject to ATM.
- Donate to a charity in 2017.
- If subject to AMT exercise stock options in 2017.
- Execute 1031 exchanges in 2017.
- Make gifts up to the new limit $11.2M before 2025 when the exclusion is reduced.
- Check your will and life insurance policies to adjust to the new limit $11.2 estate tax.
- Review your portfolio holdings and determine the need to adjust to the new tax law.
- Structure mortgage debt without going over the limit of $750K interest deduction for homebuyers.
- 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.
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