Tax reform is real and it’s here to stay. The Tax Cuts and Jobs Act is the most comprehensive tax reform seen in decades and is well positioned to bring tax relief to many. As a result, many of you are curious and are looking for answers to how this may impact you or your businesses. Most privately held business and their owners (who are the lifeblood of the U.S. economic engine) should see a reduction in their tax liabilities. High-net-worth individuals should be prepared for a more moderate, but welcomed, reduction in their tax liabilities.
While the road to fully understanding the unique implications for each individual situation is long, two things are certain: this legislation should yield a lower effective tax rate for most, and Ellin & Tucker will be your partner in helping you navigate this new taxing regime over the year to come.
We have prepared the following two guides with the intent of aiding in your understanding of how you’ll be affected by the new laws.
Keep in mind that these guides are broad overviews meant as starting points for discussion. Many of these laws have subtle nuances and exceptions. For specific questions on what they may mean for you, please reach out to us at firstname.lastname@example.org. One of our tax experts will be glad to help.
Click here for a print-friendly PDF: Tax Law Comparison Chart – Individuals – Print
Click here for a print-friendly PDF: Tax Law Comparison Chart – Businesses – Print
As a Director in the Tax Department of Ellin & Tucker with more than a decade of tax and financial planning expertise, Dan is one of the firm’s foremost advisors regarding tax-efficient investment strategies and financial tools designed to meet the needs of privately held business in a multitude of industries, as well as high net-worth individuals and their families. He can be reached at email@example.com.
As a Principal in the Tax Department of Ellin & Tucker, Mike brings to the table a wealth of national and international tax planning and compliance expertise spanning more than a decade. His extensive experience and inside knowledge of privately owned companies enables him to provide the highest level of practical and technical tax compliance and consultation. He can be reached at firstname.lastname@example.org.