The Trump Administration ushers in change, potentially in personal and business tax planning, and its likely your tax rate may change in the next year or two. While President Trumps and congressional Republicans proposed tax plans are similar, agreeing on lower rates and a broader taxable income base, they disagree on significant points and some important details have yet to be clarified. Some of these differences will spur intense debate as an agreement is worked out.
The charts in the link below, aimed at individuals and businesses, provide insight into the areas of federal tax law that are subject to possible reform. They provide brief explanations of current tax law and recaps of tax reform proposals from the new administration and House Republicans, as well as insight from Raymond James thought leaders.
Following each chart, you'll find tax planning strategies you may want tot consider with the help of your advisor before the final months of 2017 when "year-end" tax planning often begins. Given the higher likelihood of tax changes, it may be a good idea to keep these strategies in mind and address tax planning with your advisor and tax professional as soon as possible.