November 15, 2016
The presidential election cycle is finally over and hopefully we won’t hear any campaign rhetoric for another 3 years. Neither party gave us a very good choice. During each election period the candidates promise they will make all kinds of changes, but it seems once elected it goes back to business as usual. It should be interesting over the next few months to see how President-elect Trump handles things when he takes office and if he actually follows through with what he said.
Trump was touting reduction of tax rates for corporations and individuals, but I suspect if any changes are made it won’t happen until 2018 or 2019. Trump had various other tax deductions and credits he was advocating for on the campaign trail. We will continue to monitor tax law legislation and keep you informed of any implemented tax changes that may affect your small business or individual tax situation.