Tax reform of any kind can change financial and estate planning strategies, and the new tax law has a real impact on business planning as well. There are new deductions and tax rates for different types of businesses, depending on the structure used and whether it is a personal services company.
The new rules are complex and there are various exceptions and phase-out levels for deductions, so the advice of legal and financial professionals is essential if you are a business owner. Any changes to your business structure or tax rates can also affect personal finances and estate planning, and now is the time for a complete review of your business and individual tax situation.
The new tax law is already in effect, so if you have questions please contact us at Shoup Legal, www.shouplegal.com.