- Deductions Eliminated Under Trump's Tax Reform Proposal
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One of President Trump’s key tax reforms is to eliminate all individual tax deductions except for those that incentivize home ownership, charitable contributions and retirement contributions. Although the administration’s one-page outline of the proposed tax reforms provides little detail, if all of the deductions except those noted are eliminated, the reform will impact both itemized deductions and income adjustments. This article will explore the deductions that the president’s proposal retains and those that it would eliminate, so you will be able to see how these changes could play out for your particular circumstances.
- President Trump's Tax Reform Summary Video
- At the end of April, the Trump administration provided an outline of proposed tax law changes, many of which mirror his previous tax policy proposals. Although this outline lacked significant detail, the video below highlights what the President proposes and how it might impact your tax liability.
- What Trump's Tax Proposals Mean To You And Your Business
- On April 26, 2017, with some fanfare, the Trump administration has provided information on proposed tax law changes, many of which mirror his previous tax policy statements. Although these proposals lack significant detail, here is what the president proposes and how it might impact your tax liability:
- Taking Advantage of Education Tax Credits
- If you, your spouse or a dependent attended college in the last year you may be eligible for two education tax credits. Watch our video to learn more.
- Using Home Equity for Business Needs
- Small business owners frequently find it difficult to obtain financing for their businesses without pledging their personal assets. With home mortgage interest rates at historic lows, tapping into your home equity is a tempting alternative but one with tax ramifications that should be carefully considered.
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