Tips to take advantage of new tax law before 2018

Transcript

00:21
MIKE: PRESIDENT TRUMP CAPPING
00:26
THE NEW TAX CODE WILL AFFECTED
00:27
THEM AND WHAT THEY CAN DO NOW
00:28
BEFORE THE LAW CHANGES FOR THE
00:29
2018 YEAR.
00:30
JEAN IS A CPA, SMALL BUSINESS
00:31
ADVOCATE IN A BUSINESS COLUMNIST
00:32
FOR THE WASHINGTON EXAMINER IN
00:33
FORBES MAGAZINE.
00:34
NICE TO SEE YOU.
00:35
>> THANK YOU FOR HAVING ME.
00:36
MIKE: HERE WE ARE AT THE END OF
00:41
WHAT SHOULD FOLKS BE WATCHING
00:50
TAXABLE?
00:50
>> LET’S GET RIGHT TO THE POINT
00:51
EVEN THOUGH IT IS CHRISTMAS EVE
00:53
AND I’M SURE PEOPLE DON’T WANT
00:54
TO BE TALKING ABOUT TAXES.
01:03
IT’S IMPORTANT TO THINK ABOUT
01:04
RIGHT NOW.
01:04
WE’VE GOT ONE MORE WEEK TO TAKE
01:07
OUR TAX RATES IN 2018 ARE GOING
01:08
TO BE GOING DOWN SO WHAT PEOPLE
01:10
ARE DOING NOW IS THERE TRYING TO
01:11
ACCELERATE ANY DEDUCTION INTO
01:12
THIS YEAR WHEN TAX RATES ARE
01:16
YEAR WHEN YOUR TAX RATES ARE
01:18
GOING TO BE LOWER.
01:18
YOU MENTIONED CHARITABLE AND
01:19
THAT’S AN EASY ONE TO DO RIGHT
01:23
AWAY.
01:26
YOU GOT A FEVER CHEERY TO GIVE
01:27
MONEY TO, CONSIDER GIVING MORE
01:28
OF A DEDUCTION.
01:29
NOW THE END OF THE YEAR BECAUSE
01:30
TAX RATES ARE HIGHER THIS YEAR
01:32
AND YOU WANT TO TRY TO TAKE AS
01:33
MANY DEDUCTIONS AS YOU CAN
01:36
AGAINST THOSE RATES.
01:37
IT’S NOT JUST CHARITABLE
01:37
DEDUCTIONS EITHER.
01:38
THERE OTHER EXPENSES THAT YOU
01:39
CAN TRY AND ACCELERATE.
01:50
SEE IF YOU CAN PAY YOUR PROPERTY
01:52
TAXES OR EVEN YOUR LOCAL TAXES
01:53
THAT YOU MIGHT OWE TO YOUR
01:55
COUNTY OR TO YOUR TOWNSHIP.
01:56
IF YOU ARE ABLE TO DO THAT YOU
01:57
CAN TAKE THOSE DEDUCTIONS THIS
01:58
YEAR AND THAT COULD PROVIDE A
02:00
HUGE TAX BENEFIT FOR YOU.
02:01
MIKE: FOR THOSE ON WALL STREET
02:02
GET YEAR-END BONUSES OR DO SOME
02:03
KIND OF INCOME AT THE END OF THE
02:05
YEAR WHAT SHOULD THEY DO?
02:11
ABILITY TO CONTROL YOUR PAIN
02:12
YOUR EMPLOYEES IS NOT A BAD IDEA
02:13
TO GIVE BONUSES TO YOUR
02:15
EMPLOYEES END OF THE YEAR.
02:16
AT&T; AND COMCAST AND OTHER BIG
02:17
COMPANIES ARE DOING THAT RIGHT
02:19
NOW BECAUSE YOU GET INDUCTION
02:20
FOR THIS YEAR PLUS IT’S REALLY A
02:22
THING TO DO FOR YOUR EMPLOYEES.
02:23
IF YOU’RE GETTING INCOME IT’S
02:24
VERY TOUGH TO CONTROL THAT IS UP
02:32
TO WHEN YOU RECEIVE THE MONEY
02:33
BUT I TELL YOU IF YOU DO YOUR
02:35
WORK ON THE SIDE AND IF YOU’RE A
02:37
FREELANCER OR YOU GOT OTHER TYPE
02:38
OF BUSINESS INCOME AND YOU GOT
02:39
TO LIKE A MUSICIAN OR SOMETHING
02:40
LIKE THAT IF YOU CONTROL YOUR
02:41
INCOME THAT IS COMING IN AND
02:43
ASKED TO GET THE NEXT YEAR AND
02:44
DEFER WHEN YOU WILL INVOICE FOR
02:45
ANY SERVICES YOU’RE PERFORMING
02:46
AND IF YOU’RE ABLE TO DO THAT
02:48
LEGALLY TRY TO DO THAT.
02:49
LET’S GET INCOME INTO 2018 WHEN
02:52
LOOKED TAX RATES FIVE IS IT SAFE
02:58
TO SAY THAT CPAS WILL BE DOING
02:59
STARTING OVER THE CHRISTMAS
03:00
HOLIDAY?
03:00
YES THERE IS.
03:01
FIRST OF ALL, I’M UPSET BECAUSE
03:15
PURPOSES.
03:16
UP WITH OUTSIDE THAT’S NOT A
03:17
GREAT THING FOR US CPAS.
03:18
WE ARE STILL THERE AND WE WANT
03:19
TO PROVIDE ADVICE.
03:20
MY BEST ADVICE TO YOU AND
03:21
SUPPORTING END OF THE YEAR
03:25
THE NEXT WEEK AND SEE IF THERE’S
03:26
AT THE LAST MINUTE THINGS TO DO.
03:28
ONCE NEXT YEAR STARTS YOUR EARLY
03:29
IN THE 2018, PLEASE I’M TELLING
03:30
OUR CLIENTS, MEET WITH YOUR CPA