Mike also spoke of changes in tax law. He said there is a credit for state tax for money donated to private schools (not tuition). 75% of donation can be deducted but only until the state has given a total of $1,000,000 combined of all people who have registered.
The new tax will see reductions in tax rates and raising of standard deductions. Some itemized deductions will be reduced or eliminated. There will be a cap of $10,000 in the ability to deduct property taxes and state taxes.
Medical expenses & child education expenses remain. The “individual mandate” to buy health insurance is removed.
Corporate tax rates are reduced to 21%.
Depreciation of car purchases is increased to $10,000 in the first year so wait until the new year to buy if you are looking.
Give Mike a call if you have questions about of how changes will affect your business.