Among the biggest breaks for businesses: A tax credit for research and development, an exemption that allows financial companies to shield foreign profits from being taxed by the U.S., and several provisions that allow businesses to write off capital investments more quickly.
There is also a generous tax credit for using wind farms and other renewable energy sources to produce electricity.
The biggest tax break for individuals allows people who live in states without an income tax to deduct state and local sales taxes on their federal returns. Another protects struggling homeowners who get their mortgages reduced from paying income taxes on the amount of debt that was forgiven.
Other more narrow provisions include tax breaks for film and theater producers, NASCAR race track owners, manufacturers of electric motorcycles, commuters who use public transportation and teachers who spend their own money on classroom supplies.
I’m Connie, financial advisor with Harding Financial helping doctors and business owners save a significant amount in income taxes per year via a financial strategy and business structure (C corp, 1099).
Please email me a time to chat with our sr financial advisor this week?
Connie Dello Buono
email@example.com or firstname.lastname@example.org
Jr Financial Advisor