Will trump lower my taxes

Huge tax shelter for Businesses- Bonus Depreciation

With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus depreciation. Typically, taking this break is beneficial. But in certain situations, your business might save more tax long-term by …

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Bunching medical expenses will be a tax-smart strategy for many in 2017

  Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction.  Because it can be difficult to exceed the floor, a common strategy is to …

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