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TAXATION |
The firm provides counseling and planning on all aspects of tax planning for individuals, sole proprietorships, incorporations. This includes both Federal, State and Local Income Tax as well as Federal and State Employment Taxes. Consideration of the tax effect should be a part of almost all business decisions.
The tax law which became law in August of 1997 has many changes effecting all tax entities. Some of the more significant ones are:
1.) Tax credit for dependent children under the age of 17;
2.) Reduction in the capital gains tax rate from 28% to 20%; or 15% to 10% depending on the tax bracket;
3.) A new IRA program (Roth IRA) with considerably better features for most taxpayers;
4.) The gain on the sale of a primary residence could be excluded (no more rollover rule or one-time exclusion rule for age 55 and over);
5.) Educational IRA's for children under the age of 18, plus new elective credits for higher education;
6.) Expanded tax breaks for businesses (self-employed health insurance costs, home office deductions).
The majority of these changes go into effect in 1998 or later, but a few will apply for 1997. Please do not miss out on a chance to save on your tax return. Some of this might get tricky (there are certain limitations and/or requirements), so give us the opportunity to help you figure it all out.
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