It’s really too soon to tell how any changes within the Trump administration will affect taxes, but one thing is certain, if you are currently in debt with the Internal Revenue Service (IRS), it is fully expected for you to pay what you owe. That’s not going to change no matter if the taxes are raised or lowered.
Stay Focused! Do Your Due Diligence.
It’s important to not let your emotions get in the way of your financial obligations to the IRS. No matter who is in office, as United States citizens, it our responsibility to uphold our part and pay the taxes we owe. If for some reason you believe that the amount that you owe is incorrect, you have a right to contest these numbers. You can do this by mail or telephone, although we recommend that you do both—in that order. This way, you’ll have written documentation that proves you’re actively communicating with the IRS, and speaking to a representative by phone will show that you’re following up accordingly.
Need Help with That?
We realize personally speaking to the IRS can be intimidating. That’s why the professionals at Success Tax Relief, a tax relief firm is staffed with a team of tax experts to communicate with the IRS on your behalf.
Back to the Whole Tax Thing!
We realize that you still may be a bit concerned about how Trump’s new tax plan might affect your taxes in the years to come.
The plan has been described as “Reagan on steroids”, a plan that follows the concept of the ‘rich getting richer and the poor getting poorer’—all in theory, of course!
According to White House Reporter, Matthew Nussbaum ,who tweeted a photo of the one-page 2017 Tax Reform for Economic Growth and American Jobs, are as follows:
- The standard deduction will double, but many tax breaks will no longer be available to individual filers except for home ownership and charitable contribution—this will reduce a number of deductions that you’ll be able to claim.
- Tax relief will be provided for families with dependent care expenses.
- “Eliminate targeted tax breaks that mainly benefit the wealthiest taxpayers”
- Alternative Minimum Tax
- Death tax
- For businesses, the overall objective is to level the playing field of the territorial tax system for American companies.
In a Nutshell…
The plan reportedly is not projected to decrease the country’s deficit until after 10 years from now, and it will need a straight party vote. So, as of right now, there’s nothing to be actively concerned about, because it’s too soon to tell. It also doesn’t have much to do with you pay the IRS what you owe.
What Can You Do?
The best thing to do during this continuous transition is to continue taking care of your financial obligations. Maxfinancials.com/taxationandadvisory can help you along with this process. We work on your behalf—not for our benefit.