Episode 172 - Trump Tax Cuts

This week’s guest on the Crushing Debt Podcast is one I’ve been trying to get on the show since its inception, so I am so excited to have him on finally!

Charles Shapero is the owner of Widget Bookkeeping & Tax, where his mission is to help his clients pay the lowest amount of tax legally possible using his knowledge of the Internal Revenue Code and his 20+ years experience as a CPA.  I met Charles around 2006 at a real estate investor meeting, and we have been friends and referral partners since.

In today’s episode of the podcast, we talk about the good and bad of the Tax Cuts and Jobs Act (which some people call the Trump Tax Cuts). Love him, like him or hate him, the new Tax Act has some pros and cons, including:

• Pro - lowers tax brackets
• Pro - increases the standard deduction
• Pro - child tax credit
• Pro - qualified business income credit
• Con - decrease in personal exemptions
• Con - Tax deduction caps

Make sure that with the change in the laws, you have your tax planning performed by a CPA that understands both the benefits and drawbacks to the law, so that you pay the lowest amount of tax legally possible.

To contact Charles, email him at Charles@WidgetCPA.com, visit his website at www.WidgetCPA.com, connect with him on Facebook, or call his office 727-953-9493.

If you have questions for me - Shawn@Yesnerlaw.com or www.YesnerLaw.com.