White Nelson Diehl Evans CPAs
Make a Payment Client Log in
Carlsbad, CA
760-729-2343 info@wndecpa.com
Irvine, CA
714-978-1300 info@wndecpa.com
Menu
  • Our Firm
    • Close
    • Our Team
    • Our Impact on the Community
  • Services
    • Close
    • Accounting & Financial
    • Advisory
    • Audit
    • ERISA Audits
    • ESOP
    • Estate & Trust Planning
    • Tax Planning Preparation
    • Tax Services
  • Industries
    • Close
      • Aging Services & CCRC
      • Business Services
      • Construction & Contracting
      • Distribution (Wholesale)
      • Estate & Trust Services
      • Employee Stock Option Plans, ESOP
      • Food & Beverage
      • Franchises
      • Government
      • Healthcare & Medical
      • Leasing & Finance
      • Manufacturing
      • Nonprofit
      • Professional Services
      • Real Estate
      • Retail
      • Retail Fuel Outlets
      • Staffing Agencies
      • Technology
      • Transportation
  • Resources
    • Close
    • Blog
    • E-Guides
  • Locations
  • Careers
    • Close
    • Careers at WNDE
    • Current Opportunities
    • The WNDE Advantage
    • Benefits and Programs
    • Experienced Professionals
    • Students
      • Close
      • Summer Leadership Program
      • Internships
  • Contact Us
  • Make a Payment
  • Client Log in
White Nelson Diehl Evans CPAs
Menu
  • Our Firm
    • Close
    • Our Team
    • Our Impact on the Community
  • Services
    • Close
    • Accounting & Financial
    • Advisory
    • Audit
    • ERISA Audits
    • ESOP
    • Estate & Trust Planning
    • Tax Planning Preparation
    • Tax Services
  • Industries
    • Close
      • Aging Services & CCRC
      • Business Services
      • Construction & Contracting
      • Distribution (Wholesale)
      • Estate & Trust Services
      • Employee Stock Option Plans, ESOP
      • Food & Beverage
      • Franchises
      • Government
      • Healthcare & Medical
      • Leasing & Finance
      • Manufacturing
      • Nonprofit
      • Professional Services
      • Real Estate
      • Retail
      • Retail Fuel Outlets
      • Staffing Agencies
      • Technology
      • Transportation
  • Resources
    • Close
    • Blog
    • E-Guides
  • Locations
  • Careers
    • Close
    • Careers at WNDE
    • Current Opportunities
    • The WNDE Advantage
    • Benefits and Programs
    • Experienced Professionals
    • Students
      • Close
      • Summer Leadership Program
      • Internships
  • Contact Us
  • Make a Payment
  • Client Log in

Possible Tax Revisions Due to the Election of Donald Trump

Trump and taxes possible tax revisions due to the election of donald trump
29
Nov
Blog

Throughout the U.S. presidential campaign, tax reform was a major talking point of candidate (now president-elect) Donald J. Trump.  With his election on November 8, here is a summary of potential tax changes that may come after his inauguration:
Individuals
Tax Rates

  • Ordinary income tax rates across the board will be cut to just three marginal rates: 12, 25 and 33% (chart below reflects joint filers):
  • potential trump tax changes chart
  • Repealing the 3.8% Net Investment Income Tax (NIIT) on passive and investment income.
  • Repealing the 0.9% Medicare tax on wages and self-employment income over a certain threshold.
  • Eliminate the Alternative Minimum Tax (AMT).

Deductions

  • Increase standard deduction to $15,000 and $30,000 for single and joint filers respectively.
  • Limit itemized deductions to $100,000 and $200,000 for single and joint filers respectively.
  • Eliminate personal exemptions

 

Estate & Gift

  • Repeal the estate and gift tax completely.
  • Stepped-up basis at death disallowed for taxable gains over $10 million.

 
Businesses
Tax Rates

  • Reduce the top corporate tax rate from 35% to 15%.
  • Business income from pass-through entities (partnerships, S-corporations, & sole proprietorships) will be taxed at 15%.
  • Eliminate corporate AMT.
  • One-time 10% tax on the repatriation of foreign earnings.
  • Tax carried interest at ordinary tax rates versus capital gain rates.

Deductions

  • Increase Section 179 expensing limit from $500,000 to $1 million.
  • Manufacturing companies can elect to expense all new capital expenditures.
  • Eliminate the deduction for various corporate tax expenditures.

 



Categories
  • Blog
  • News
Recent Posts:
  • Tips for Budgeting

    10 Tips for Better Budgeting…

    14 Oct
  • IRS Check

    Still Waiting for the IRS to Cash Your Check?

    14 Oct
  • Unemployment Benefits

    Do You Know Unemployment Benefits Are Taxable?

    14 Oct
  • 1099-NEC

    Ready for the 1099-NEC?

    14 Oct
  • Old Tax Records

    Thinking of Dumping Old Tax Records?

    16 Sep

The 90-year legacy of White Nelson Diehl Evans
is a tribute to the confidence our clients have in us.

White Nelson Diehl Evans LLP.
2875 Michelle Drive, Suite 300
Irvine, California 92606
TEL 714-978-1300

Explore:

  1. WNDE Home
  2. Our Firm
  3. Services
  4. Industries
  5. E-Guides
  6. Locations
  7. Careers
  8. Contact Us

Newsletter

Copyright © 2019. All Rights Reserved.
White Nelson Diehl Evans LLP. 2875 Michelle Drive, Suite 300 Irvine, California 92606 TEL 714-978-1300
Client Login

Forgot password?


[contact-form-7 id=”4250″ title=”Fraud Detection Booklet”]

[contact-form-7 id=”3415″ title=”Tax Planning Guide”]