Mike spoke of some changes he is saying in tax law for 2018. People on the lower tax brackets are seeing the most benefit with lower tax rates. The higher brackets are also getting lower rates but are more limited in deductions reduced on investments & property taxes.
Corporate taxes have been reduced to a 20% flat rate but there are some small businesses that were only paying 15% previously and would be paying more. For larger companies this is a huge reduction.
Mike has also seen benefits for “pass-through” business entities such as sole proprietors, partnerships, LLCs and S-Corps. Howard mentioned the Chamber’s involvement in getting the fees for LLCs reduced in Illinois.
Give Mike a call in your business needs help with the new tax law rules.