Tax reform is real and is here to stay. The most comprehensive tax reform seen in decades 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 US 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.
For an overview of the new laws as they apply to businesses, see here:
For an overview of the new laws as they apply to individuals, see here:
We’ve also put together a simple guide of some things you should consider doing prior to the end of 2017 as a result of the new tax laws, which can be downloaded as a PDF here: What to do before the end of 2017 or seen below.
Edit: 12.29.2017 – For more clarity on which situations you’ll be able to deduct 2018 property taxes in 2017, please see the following:
If you have any questions please reach out to us at firstname.lastname@example.org
About Ellin & Tucker
Founded in 1946, Ellin & Tucker (www.ellinandtucker.com) is a leading CPA firm headquartered in Baltimore, Md. that specializes in accounting, auditing, consulting, forensics and valuation, and tax services. As the fifth largest accounting firm in Greater Baltimore, Ellin & Tucker employs more than 120 people in offices in Baltimore City and Washington D.C., and serves national and international clients through its affiliation with DFK International/USA, a top 10 international association of independent, full-service accounting firms and business advisors in major geographic and economic centers throughout the U.S. and around the world.