Tax reform. It’s all in the Details.

Tax reform would be easy if it was only about BIG ideas. Unfortunately, when it comes to taxes, the devil is in the details. Currently, details seem to be holding up the idea of making tax reform real. One of the key priorities of the Trump campaign was tax reform. Many debated whether it would — or should — be one of the top issues the administration would take on in its first one hundred days in office. Instead of tax reform, it placed its initial bets on health care reform and taking on immigration issues. And while changes to Read More »

10 Tax Breaks Contractors Often Miss

Check it out: 10 tax breaks contractors often miss. Beyond owing money to the IRS, one of the biggest causes of tax anxiety for contractors is missing out on deductions. After all, you deserve every break you have coming from Uncle Sam. Check out these often missed opportunities to lower your tax bill. Taking advantage of them could help you save thousands of dollars now and in the years ahead. 1. Home office deduction. Do you run your contracting business out of your home? You could be entitled to a deduction if you use a dedicated space to do so. Read More »

Trump Tax Moves That Could Drive Growth

First 100 Days Now that President Trump is in office, it’s time for his administration to address what it can do to help small- to mid-sized business owners grow their operations and workers to find new and better employment opportunities. The core of the new president’s voter base was made up of people within these groups and it’s time to pay-off the promises he made to them. If Trump makes good on what he campaigned on, his administration will likely push for expanding the business- and worker-friendly tax incentives and making it easier to take advantage of them. While it Read More »

Trump’s Tax Plan

Is the Trump tax plan a done deal? Or just the beginning of negotiations? Now that Donald Trump has been elected President, many people are speculating on the impact the Trump tax plan will have on personal and business taxes. Since the new President is backed by a Republican-majority Congress, many want to know if this tax plan is a done deal. Let’s take a look at how the Trump plan could impact the personal and business finances of business owners and whether it’s likely to be passed quickly “as-is” or if it could change during an extended negotiation and Read More »

The Hall Tax

What changes to the Hall income tax mean for Tennessee taxpayers The Hall income tax is a Tennessee state tax on interest and dividend income from investments. It’s the only form of personal income tax in the state. It’s been in the news lately because, after years of discussion, there’s now a plan to slowly roll back the tax until it’s eliminated in 2022. The History The Hall tax has been in effect since 1929 and was named after the state senator who sponsored it. The original tax rate was five percent and all revenue at the time went to Read More »
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