Tax Perks and Traps
The links above will have references to the TCJA. The TCJA is the Tax Cuts and Jobs Act passed by Donald Trump in the first year of his presidency. Many of these tax benefits were very helpful to business owners. Additionally, you will see references to "the Code" in the business planning pages of this website "the Code" refers to the Internal Revenue Code and "tres. regs" will refer to Treasury Regulations. These two are the primary sources of law for taxation considerations.
A word of caution, when planning for your business future it is important to remember that the TCJA has a sunset clause and these advantages will not go on indefinitely. The nature of our democratic system means that there are ebbs and flows in the tax law depending on which political party is in control of the legislature and the executive branch. It is important for you to be aware of the changing taxation landscape as it can and will be influential on your business decisions. As your lawyer, I will keep you apprised of the changes happening in tax reform as different political parties control the legislature over the years.