Tax & Accounting News

Q & A: With the upcoming Trump Presidency, what is in your crystal ball for upcoming tax changes? Winners and losers?

12/28/2016

Big changes are ahead for the tax code in 2017. From the Republican tax proposals to President-Elect Trump, different ideas are being offered up on what the tax code may look like in future years. We reached out to our TaxBuzz experts who shared their thoughts.

Round Hill, Virginia based Enrolled Agent Terry O'Neill offered us the following insights:

"The Trump Administration appears poised to introduce a number of additions to more effectively deal with the realities of child care. However, I'll focus on one in particular. The Trump plan will exclude the costs of child care from federal tax and will be capped at the average cost of child care of the state of residence. The exclusion would cover up to four children per family, from birth to the age of thirteen. This is in contrast to the current child care credit, which is capped at $3,000 per child for child care expenses, limited to two children, and precipitating a 20% tax credit for a maximum $1200 tax reduction. The Trump proposal does not eliminate the existing child care credit, but rather offers a choice. Parents will be able to choose the one that offers the greater benefit, and choose they must for double dipping will not be allowed. It's interesting to note the thought process behind this proposal. A business is able to fully deduct those expenses that allow the business to create and produce taxable income. So too, child care is an expense that allows parents to create and produce taxable income. Economist Alan Viard put it, Under basic tax policy principles, workers should be allowed to deduct the expenses of earning the income on which they are taxed. Child care meets the economic definition of a work-related expense -- parents are less likely to work when child care becomes more expensive. Families should be free to make their own child care choices, based on the options available to them, their understanding of their children's needs, and their moral values, without interference from the tax system.This is not a tough sell."

Kennesaw GA based Carey Gay from Treasure Tax, LLC provided this insight;

"The tax plan that Trump released prior to the election will cut taxes for most Americans and small businesses. The tax cuts will have major impacts on the bottom line of the tax returns, which will be great for our clients. Additionally, taxing profits from partnerships on a corporate level without having to elect a C-Corp status would be great, especially if the business taxes are lowered to 15%."

Joshua Standley from DKK Accounting LLC offered the following:

"I think people concern themselves too much with tax changes when it comes to elections. Just hire a professional to handle the details and they should take care of you. If they don't, why are you with them in the first place?"

Stevenson Ranch CPA John DePasquale CPA added his thoughts on winners and losers:

"The winners should be high income individuals and businesses in general. Trump would like to lower the top tax rate from 39.6% to 33% and do away with the AMT. He would cap itemized deductions at $100k for individuals and $200k for married, but I don't see this affecting many people. Plus, you could just payoff your mortgage in this scenario and get under the cap. He would also like to lower the taxes on small business to 15%. Large corporations should benefit from his attempt to lower their taxes and have them bring home profits in off shore entities. The losers would appear to be low-income people who are getting the full Obamacare tax subsidies. I think once reality sets in he will realize that he can't make all of these changes without increasing the deficit."

Time will tell how tax reform shakes out in 2017. Rest assured professional accountants at TaxBuzz will be writing about every important development in 2017.

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Lee Reams II

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I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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