New 20% pass-through deduction

I know you are excited about paying less taxes under the new tax law – I know I am.

But the new tax law comes with its own challenges.

There has been a lot of chatter by financial professionals about the new 20% pass-through deduction and how it may benefit you. However, there seems to be disproportional amounts of incorrect information being presented with respect to the new 20% pass-through deduction.

A word of warning - if someone tells you or you read that to take advantage of the 20% pass-through deduction you need to spin off, split up, form up, consolidate, sell off any or all of your business, you should proceed with caution.

The IRS has yet to release any regulations on how the 20% pass-through will work and the current law is broad and vague enough that one can only speculate what the final regulations may be.

Changing the tax laws creates a lot of moving parts. We don’t speculate with your taxes, we wait and watch what changes comes into play and then act accordingly.

By the way, I have assembled a great team of financial planners, estate attorneys, corporate attorneys and other professionals to help you with any questions you may have about the new tax law or any other financial or legal questions.

Give me a call if you have any questions about how the 20% pass-through deduction may affect you and your business.