How Fort Lauderdale Residents Can Profit From Trump’s Tax Bill
President Trump’s new tax reform bill is on the verge of becoming reality. The bill was recently passed by the Senate and is now awaiting approval by the House of Representatives. Should the Republican-backed bill become law, it will have a huge impact on taxpayers throughout the country. But how can Fort Lauderdale residents benefit from the new tax plan? The New York Times recently consulted with several leading economic experts in law and finance. After carefully analyzing the president’s tax reform bill, there are several ways taxpayers can benefit and even make money once the bill becomes law.
Donate To a Charity Now
One of the best ways to save money on taxes is to donate to a charity. However, the rules are little different when it comes to the Trump tax plan. When comparing the current tax system to the proposed Republican bill, it is best to make your charity donation right now. Due to changes in the new Trump system, most families in Fort Lauderdale will not be able to itemize deductions or will not be able to receive the full benefit until the new tax system is fully implemented. The same goes for other expenses you plan to itemize. Try to take care of your major expenses before the end of the year, such as your mortgage.
Start a Family Now
If you are recently wed couple in Fort Lauderdale and plan to have children, you may want to start your family now. The Trump tax plan provides tax credits for businesses that offer paid financial leave for new parents. However, it is important to keep in mind those tax credits are only good for two years. If you live in a red state, such as Florida, you may want to consider having children in 2018 or 2019.
How the Trump Tax Plan Affects Your Inheritance
If you stand to inherit a large amount of money, timing is everything–especially when it comes to the new Trump tax plan. The current Republican backed bill recently passed by the Senate will make big changes to the estate tax. Under the current tax laws, an estate worth $5.5 million or larger would be taxed by 40 percent. Many smaller estates are subjected to little or no tax at all. The current Trump bill would double that limit and then roll it back to the current level in 2026.
Consult with a Fort Lauderdale Tax Law Attorney
Tax law can often get complicated–especially when a new system is implemented. Hiring an experienced and knowledgeable tax attorney can provide valuable advice on how to restructure your finances and business. For more than 30 years, Ira Zuckerman has helped countless clients throughout Fort Lauderdale resolve some of the most complex tax problems and issues. Whether you are facing a tax audit or a potential tax lien, bank levy or a wage garnishment, he and his legal team at Zuckerman Law, LLC work diligently in both the courtroom and behind the scenes to help place each client in the best position to succeed. Remember, when it comes to tax law, there are no stupid questions. To learn more, contact their Fort Lauderdale law office today and schedule a consultation to discuss your case.