The Tax Cuts and Jobs Act of 2017 may well be the most important tax law passed in the last three decades. While its focus is ostensibly on lowering corporate tax rates, it contains legislation that will lower taxes for many Americans from every segment of society.
As this law makes its way from the halls of Congress to the IRS and out into the public, the question arises: How do I benefit from it? How can my business take maximum advantage of this new law?
Knowing the tax law is good; Using the tax law is even better
Every CPA worth his or her salt is trained in tax law. They know it (or should know it) backward and forwards–after all, that’s what they are trained to do. They can fill out your tax forms correctly and let you know when you’ve gone outside the lines of the tax code. They can look back at the history of your past year and record it faithfully. And, in some limited way, they can even advise you on what to avoid doing next year. Yet your average CPA won’t sit down with you and draft a tax plan for the coming year and beyond to use the tax law to you and your business’s advantage.
It’s what you keep that counts in the end
Any tax professional can tell you what you owe in taxes according to current United State tax code, but they’re generally not equipped to give you a forward-looking focus that tells you how to pay less in taxes overall. The New Tax Law: How to Make It Work for You and Your Business, by Edward A. Lyon, JD, provides the roadmap you need to keep more of your hard-earned business and personal income going forward. Remember: good tax strategy isn’t about figuring out what you owe, but about keeping as much as possible to reinvest.
Most business owners are wasting many thousands of dollars a year in taxes. You don’t have to.
Like the water from a faucet left open, the income you garnered throughout the year may be dripping down the drain to the U.S. Government’s vaults. You may be an excellent businessperson in all other respects, but if you’re losing money to the tax code when you don’t have to, you’re like someone who left the faucet running and then complained about their water bill later on. The New Tax Law will show you how to not only tighten down on unnecessary tax payments from past tax codes but also take full advantage of the new ones just signed into law.
Financial offense means making more; financial defense means spending less
The best sports teams out there use a potent mix of offense and defense to dominate on the playing field. The offense puts points on the board, but the defense ensures the outcome of the game by containing the other team’s offense. Neither side can easily win the game without the other. Your ability to generate income is your offensive team, but if you regularly find your income slipping away due to taxes, then your defensive strategy needs work. The New Tax Law outlines a plan for you to make the tax code work for you, not the other way around.
Interested in knowing how to navigate the new tax law and creating a forward-looking tax plan that will recoup thousands for you and your business? Request our Free Tax Law book.