Top 10 Year-end Tax Planning Ideas for Business Owners
In light of current political conditions, comprehensive tax reform for corporate and other business entities is remote. However, there are some likely provisions that may be included in any basic reform. Under “business reform” we could see a reduced 25% tax rate for small and family-owned businesses, a reduced corporate tax rate of 20%, a territorial tax system for international taxation, a onetime tax on profits deferred offshore and elimination of tax breaks for special interests.
- It’s difficult to do income-tax planning under the assumption that sweeping tax reform will occur soon. However, we can pay attention to the general themes to be poised for quick decisions.
- Several wealth-planning strategies are available for individuals to help minimize taxes and retain or transfer more of their wealth efficiently.
- Despite uncertainty, early planning ensures investors can take advantage of all opportunities available that might benefit their situation.