We will be writing more about this in the coming months. The bottom line is that most taxpayers win, especially seniors. I have linked a couple of brief articles below. Much of what you heard in the news and in campaign promises are in the bill. The campaign promises (no tax on overtime, tips and Social Security) will sunset in a few years. For business, much of the benefit is the extension of the previous law with a couple of kickers – first making the popular Qualified Business Income (QBI) 20% tax rate and bonus depreciation permanent and enhancing the immediate expensing of equipment AND now certain investments in factories, improvements and R&D.
Kiplinger – Ways Trump Tax Bill Could Boost Your Refund
IRS News Room OBBB Deductions for Working Americans and Seniors
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By Robert Bartley
Robert (“Bob”) is a Certified Public Accountant (CPA) and a CERTIFIED FINANCIAL PLANNER (CFP®). He is a Summa Cum Laude graduate of Merrimack College and a Presidential Scholar. He has over 30 years of business experience and over 20 years of experience as owner of Bartley Financial.
