With the Tax Cut & Jobs Act heading for signature by the President, there are a handful of valuable tax provisions that some individuals and company owners may want to take advantage of before they are retracted. The 503 page bill will undoubtedly restructure the U.S. tax code, with new tax rates and numerous changes to existing provisions due to become effective January 1, 2018. However, most of the old rules will still be applicable and valid in the last few days of 2017. Charitable Donations: Making last minute charitable contributions could be even more effective. If your tax rate is scheduled to decrease in 2018, then your deductions are more valuable if they are claimed against this y
Euphoria has swept Bitcoin to unreal levels over the past few weeks. Bitcoin, one of many digital currencies, shot past 11,000 in the final week of November after eclipsing 10,000 just hours prior. The cumulative value of all cryptocurrencies throughout the world are estimated to be more than $300 billion, an enormous increase from the $18 billion at the beginning of the year. The commodity futures trading commission granted the Chicago Board Options Exchange (CBOE) to issue Bitcoin futures which will allow traders to bet on the price of the digital currency via a trusted exchange. Traders will be allowed to bet on the appreciation of the cryptocurrency or the demise of it by buying and sell
Senate and House Republicans each passed their own version of the Tax Cuts and Jobs Act, yet differ in various ways, setting arguments into motion. When the chambers pass different versions of a bill, conferees are appointed by both the House and the Senate to produce a “conference report” that is satisfactory to the majority of conferees from each chamber. The closer the two sides are going into conference, the easier the resulting process. The focus of the Tax Cuts and Jobs Act is to lower taxes mainly for corporations and smaller businesses, and a portion of individual taxpayers. Targeted are wealthy individuals who live in high tax states that may lose valuable deductions. So the emphasi
