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Mike Jesowshek, CPA, Mike Jesowshek, and CPA에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Mike Jesowshek, CPA, Mike Jesowshek, and CPA 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.
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Harris vs Trump | How The Election Will Impact Your LLC

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Manage episode 447611340 series 2971588
Mike Jesowshek, CPA, Mike Jesowshek, and CPA에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Mike Jesowshek, CPA, Mike Jesowshek, and CPA 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.

Send us a text

How could the upcoming election shape the future tax landscape for LLCs, and what strategies can business owners consider now to stay ahead?

In this episode, Mike Jesowshek explores how the upcoming 2024 presidential election could impact LLCs, particularly small business owners. He provides a non-partisan analysis of both the Harris and Trump campaign proposals regarding corporate tax rates, capital gains, and other tax policies. Highlighting potential implications for tax planning and compliance, Mike emphasizes the importance of understanding these policies and the flexibility required to adapt to changes that may or may not pass. This episode offers LLC owners insights into proactive strategies to minimize tax liabilities in light of potential policy shifts.

[00:00 - 01:18] Corporate Tax Rate Proposals

  • Mike Introduces the episode focus: exploring potential election impacts on LLCs.
  • He clarifies a non-partisan approach, stating the episode’s objective is to inform business owners, not take sides.
  • Mike discusses Harris’s proposal to increase the corporate tax rate to 28% versus Trump’s proposal to lower it to 20% or 15% for U.S.-based production companies.

[03:23 - 05:22] Harris Campaign on Real Estate and Trump’s Tariff Proposal

  • Harris proposes limiting depreciation and interest for large real estate investors and increasing startup cost deductions to $50,000.
  • Evaluating these deductions’ impact on real estate and startup expenses.
  • Trump’s campaign discusses imposing tariffs on imports, particularly 60% for imports from China.

[05:22 - 08:48] Capital Gains and Investment Taxes

  • Harris aims to raise the capital gains tax for incomes over $1 million and increase the net investment income tax.
  • Planning for potential tax adjustments in high-income brackets.
  • Harris proposes exempting tips from taxes; Trump proposes exempting overtime pay from taxation.

[07:00 - 11:42] Personal Tax Adjustments

  • Harris’s campaign suggests expanding the child tax credit and health insurance credits; Trump aims to make prior tax cuts permanent.
  • There are opportunities for individual tax savings depending on outcomes.
  • Mike discusses expiring TCJA provisions, like the reduced highest tax rate, doubled standard deduction, and QBI deduction, set to end by 2025.

[11:42 - 16:36] Planning Opportunities Regardless of Outcome

  • Mike stresses tax planning adaptability regardless of the election outcome.

Direct Quotes:

"Policy changes can catch many businesses off guard, often leading to missed opportunities or unexpected challenges." - Mike Jesowshek, CPA

"No matter what happens in this election, there’s always room for tax planning." - Mike Jesowshek, CPA

"While a candidate might say one thing, it doesn’t necessarily mean it will actually come true." - Mike Jesowshek, CPA

______

Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join TaxElm: https://taxelm.com/

-------

Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

YouTube: www.TaxSavingsTV.com

  continue reading

337 에피소드

Artwork
icon공유
 
Manage episode 447611340 series 2971588
Mike Jesowshek, CPA, Mike Jesowshek, and CPA에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Mike Jesowshek, CPA, Mike Jesowshek, and CPA 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.

Send us a text

How could the upcoming election shape the future tax landscape for LLCs, and what strategies can business owners consider now to stay ahead?

In this episode, Mike Jesowshek explores how the upcoming 2024 presidential election could impact LLCs, particularly small business owners. He provides a non-partisan analysis of both the Harris and Trump campaign proposals regarding corporate tax rates, capital gains, and other tax policies. Highlighting potential implications for tax planning and compliance, Mike emphasizes the importance of understanding these policies and the flexibility required to adapt to changes that may or may not pass. This episode offers LLC owners insights into proactive strategies to minimize tax liabilities in light of potential policy shifts.

[00:00 - 01:18] Corporate Tax Rate Proposals

  • Mike Introduces the episode focus: exploring potential election impacts on LLCs.
  • He clarifies a non-partisan approach, stating the episode’s objective is to inform business owners, not take sides.
  • Mike discusses Harris’s proposal to increase the corporate tax rate to 28% versus Trump’s proposal to lower it to 20% or 15% for U.S.-based production companies.

[03:23 - 05:22] Harris Campaign on Real Estate and Trump’s Tariff Proposal

  • Harris proposes limiting depreciation and interest for large real estate investors and increasing startup cost deductions to $50,000.
  • Evaluating these deductions’ impact on real estate and startup expenses.
  • Trump’s campaign discusses imposing tariffs on imports, particularly 60% for imports from China.

[05:22 - 08:48] Capital Gains and Investment Taxes

  • Harris aims to raise the capital gains tax for incomes over $1 million and increase the net investment income tax.
  • Planning for potential tax adjustments in high-income brackets.
  • Harris proposes exempting tips from taxes; Trump proposes exempting overtime pay from taxation.

[07:00 - 11:42] Personal Tax Adjustments

  • Harris’s campaign suggests expanding the child tax credit and health insurance credits; Trump aims to make prior tax cuts permanent.
  • There are opportunities for individual tax savings depending on outcomes.
  • Mike discusses expiring TCJA provisions, like the reduced highest tax rate, doubled standard deduction, and QBI deduction, set to end by 2025.

[11:42 - 16:36] Planning Opportunities Regardless of Outcome

  • Mike stresses tax planning adaptability regardless of the election outcome.

Direct Quotes:

"Policy changes can catch many businesses off guard, often leading to missed opportunities or unexpected challenges." - Mike Jesowshek, CPA

"No matter what happens in this election, there’s always room for tax planning." - Mike Jesowshek, CPA

"While a candidate might say one thing, it doesn’t necessarily mean it will actually come true." - Mike Jesowshek, CPA

______

Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join TaxElm: https://taxelm.com/

-------

Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

YouTube: www.TaxSavingsTV.com

  continue reading

337 에피소드

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