The Senate passed the much anticipated tax overhaul bill this morning. If enacted into law, sweeping changes to both individuals and businesses are on the horizon. In reviewing aspects of the legislation, here are some quick, off the cuff observations:
Administrative Assistant — Performs administrative and office support activities for multiple supervisors. Duties may include fielding telephone calls, faxing, and filing, receiving & distributing mail, receiving and directing visitors, word processing, drafting letters, creating spreadsheets and presentations, and filing. Extensive software skills, Internet research abilities, ability to multitask, problem solve and strong communication skills are required.
A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer (and in some cases permanently reduce) your taxes. But there are exceptions. One is if the additional deductions this year trigger the alternative minimum tax (AMT). Complicating matters for 2017 is the fact that tax legislation might be signed into law between now and year end that could affect year-end tax planning. For example, as released by the Ways and Means Committee of the U.S. House of Representatives on November 2, the Tax Cuts and Jobs Act would repeal the AMT for 2018 and beyond. But the bill would also limit the benefit of some deductions and eliminate others.