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Insights from the Fastlane

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Michael DiSabatino of Sharp CFO™ shares expert insights to help you unlock your business's full potential by delivering proven strategies for maximizing tax savings, streamlining operations, and driving sustainable growth.

The information provided on this site is for general informational purposes only and should not be construed as professional financial, tax, or legal advice. For advice tailored to your specific situation, we recommend consulting with a qualified professional.

A Quick Look at the Proposed Tax Bill

I just started to look at the Tax Bill proposed by the House.  There are surprisingly many issues that have not been discussed in any articles or newscasts that I am aware of... Here are some of my initial take-a-ways :

  • Tax Preparation Fees deduction will be eliminated.
  • Alimony will not be deductible or taxable for divorce agreements signed after 12/31/2017.
  • The discussion of the "Maximum Tax Rate on Business Income of Individuals" is 2 pages long. I think it will take an 8-hour seminar to understand !!! 
  • "Simplification and Reform of Family and Individual Tax Credits" is 2 1/2 pages.
  •  "Simplification and Reform of Education Incentives" (3 1/2 pages). 
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