lawyerSelf-employedSmall BusinessTax PlanningTax shelterTaxes

What to do if you didn’t get a tax cut

What if you work in “any trade or business involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, brokerage services, or any trade or business where the principal asset of such trade or business is the reputation or skill of 1 or more of its employees or performance of services that consist of investing and investment management, trading, or dealing in securities (as defined in section 475(c)(2)), partnership interests, or commodities (as defined in section 475(e)(2))“?

This describes me and most of my clients. No 20% income exclusion for us. No more deductions of high property taxes, mortgage interest payments. No more deductions of employee business expenses for travel or home office. If this describes you then you likely already know that most of the rest of the nation got a tax cut but you did not enjoy that benefit. If your situation is similar to mine, then you likely paid more in federal income taxes last year than any other year in your life.

Yet there are other ways to legally reduce taxes. It’s just that we have to work a little harder than in the past to benefit from the options. Everyone’s situation is different so I try to make it easier by compiling a short checklist of possibilities for each client from the range of proven tax strategies. It all begins with an introductory phone call. I invite business owners and professionals who feel ‘left out’ by the Tax Cuts and Jobs Act to take the next step to see what other options are still available.

Leave a Reply

Your email address will not be published. Required fields are marked *