I generally fall into the “nonpolitical” category of people. I care about our state’s/country’s leadership, and I pay enough attention to vote, but I don’t want to discuss it—even with my husband! Given that, it is amazing to me how many Trump-related conversations I have had over the last month, both at work and at family holiday gatherings. Picture this: a beautiful Christmas table, delicious Christmas dinner, and the conversation is . . . What is going to happen to taxes with Trump as president?!?!
If you’ve known me long enough, you have probably heard me say, “I must have missed the ‘crystal ball reading’ class in college!” This would be a great time to have that ability! There is so much speculation out there, it is hard to wade through it all and figure out how to plan for taxes. The general belief is that tax rates are going down next year and that it will happen sooner rather than later to avoid a change in control in the next election. Business taxes seem to be the biggest priority, but we will have to wait and see how far tax reform goes. We will keep you informed once the tax change wheels start turning, but don’t be afraid to have those “Trump taxes” conversations with your Wipfli tax person. (They’re not all as nonpolitical as me!) Listen to our most recent tax update recorded webinar by clicking here, and as always, please contact your client service executive for assistance with any questions.