According to the IRS, America is a nation of procrastinators. More than 20 million taxpayers wait until the week of April 15th to file their tax returns, plus another 6 million that file a late return between April 15th and May 15th - and another 13 million who file for an extension and then file their tax return on the very last date of that extension - October 15th!
This year promises to be even more challenging than ever with the brand new changes to the tax code that President Trump signed into law just a few days before Christmas. Whether it lives up to its hype about "simplification" remains to be seen, but the facts are clear that for millions of Americans they will be able to file their tax return on a post card in 2019 - and forget about all those receipts and record keeping.
Taxation of US residents began during the Civil War when President Lincoln and Congress enacted an income tax to pay war expenses in 1862. The tax was repealed 10 years later - but Congress resurrected it in 1894. That decision was challenged in Court and a year later the Supreme Court ruled the tax unconstitutional. Two decades later we got the 16th Amendment giving Congress authority to enact an income tax - and the rest is history.
New tax rates and dozens of provisions take affect in a few weeks. What that may mean for some taxpayers is a small window of opportunity to maximize disappearing deductions for 2017 and minimizing 2017 income. Enrolled Agent Roland Manuel shares his ideas about the best way to take advantage of this paradigm shift in tax law so listeners can reduce this year's taxes as well as next year's
FEATURED IN THIS EPISODE
Roland Manuel has over 15 years of experience helping individuals and business with their tax and accounting needs. I am an Enrolled Agent, federally licensed by the US Treasury, who can represent taxpayers in all aspects of tax controversies. Providing tax representation and tax planning for individuals and businesses.
Palm Beach SCORE
Palm Beach SCORE is a non-profit who's mission is helping local small businesses, startups and entrepreneurs grow and thrive by offering mentoring, workshops, business consulting and counseling services, networking opportunities, events and partnerships within the Palm Beach / South Florida business corridor.
SCORE-ing Your Business' host Penny Pompei serves as Chapter Chair for our local Palm Beach SCORE Chapter #224, located in beautiful downtown West Palm Beach.