According to Forbes.com, due to the new tax laws there is no way to predict what may happen in the future. We can only follow the trends.
Forbes.com contributor Steven Parrish writes, “These are my expectations for what may happen with tax planning as a result of the passage of the American Taxpayer Relief Act of 2012 (ATRA).
- Income tax planning will take on an increased importance in business planning.
- Tax diversification will have new meaning to business owners.
- Pass-through tax status will no longer be the only choice for smaller businesses.
- Deferred compensation plans will be very popular.
- Estate planning will be noticeably different, depending on the estate side.
- Nothing is so certain as change.”
The ATRA was passed by Congress on January 1, 2013. This tax law was created as a solution to the fiscal cliff. It was enacted to extend certain tax reliefs known as the “Bush Tax cuts”.
With so many tax laws, it is difficult to know how you should plan for your future . If you are thinking about tax planning but don’t know where to start, you should talk to a lawyer or Certified Public Accountant.
At William E. Hesch Law Firm, LLC Mr. Hesch is not only a lawyer and CPA, but he is also one of a few Personal Financial Specialists (PFS) in the Cincinnati and Northern Kentucky area. At any time, day or night, Bill will take your call and will do what he can to assist you.
If you are in need of his services please contact him now.