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Proposed Tax Changes – What Does this Mean for Davies Allen Clients?

12-12-2017 | 11:18pm

We at Davies Allen, P.C. hope you are having a great holiday season!

While you are spreading holiday cheer, our Tax Team has been closely monitoring the activities of Congress regarding proposed tax law changes.

Yes, they have read the House bill and yes . . . they have read the full Senate version.

After reading nearly 1,000 pages of proposed tax code changes, we have a few ideas to pass along to you.

Currently, the House and the Senate are conferring to determine if they can agree on a final tax bill. While it is unknown if anything will happen at all, if something does happen, we are looking at the largest change to the Tax Code since 1986!

If you have been unable to meet with us for tax planning, below are some situations having a tax planning meeting would be beneficial.

1 – State income taxes may no longer be deductible in the future. Should you consider paying them by December 31, 2017 to take advantage of the deduction?

2 – Are you in the process of buying a commercial building? The depreciation schedule could change for buildings purchased next year; i.e. from 39 years to 25 years.

3 – Are you in the process of selling or buying a home? Rules could change regarding excluding gains and deducting interest.

4 – Should you bunch itemized deductions (including charitable donations)? The standard deduction might change next year; rates could be lower.

5 – When should you be buying vehicles that are under 6000 lbs of gvwr? It might change next year.

If any of these items might be applicable to you, we strongly advise you schedule a tax consultation via phone with one of our CPA’s. Depending upon your situation, you can expect to be charged our applicable hourly rate.

Have a wonderful and happy holiday!