United States presidential election 2016 is not merely about Donald Trump calling Hillary Clinton of having a “short-circuit in the brain” or Clinton accusing Trump of being unfit to become a president. Regardless of who gets elected to the White House, it would impact American business owners and individuals, one way or another.
According to a survey done by AICPA (American Institute of CPAs), 64% of chief executive officers (CEO), chief financial officers (CFO), controllers and other senior-level CPAs in U.S. companies said the outcome of the 2016 presidential election is a consideration or factor in their company’s business planning, budgeting or forecasting for the next fiscal year.
Because both Republican Donald Trump and Democrat Hillary Clinton are presenting (and modifying) their tax policy to the liking of voters, business owners would be engaging accountant or licensed CPA to take care of their accounting, taxes and audit requirements. A new set of tax policy for the nation will affect not only businesses but also individuals.
Hillary Clinton would be taxing the wealthy at a higher rate and leave tax rates for the middle class largely the same, well, at least that was what she claims. Donald Trump, on the other hand, supports cutting taxes at all income levels, with the largest benefits – in dollar and percentage terms – going to the highest-income households.
Trump’s attractive proposition, was to eliminate the federal income tax for individuals earning less than US$25,000 and couples earning less than US$50,000. He has also proposed to reduce the highest individual income tax rate from 39.6% to 33%, not to mention cutting corporate taxes to no higher than 15%.
Although Trump plans to simplify the taxes policy by reducing the number of income tax brackets from seven to three – 12 percent, 25 percent, and 33 percent – it’s still advisable to engage certified public accountants and consultants, unless one belongs to non-taxable group. There’re many good accounting firms to choose from but in Arizona, AZ, one can always call Richard Steiman.
Richard Steiman Tax Planning for Phoenix AZ provides consultation in the area of business consulting for contractors, preparation of individual and business tax returns, servicing small & midsize businesses, litigation support, investigative accounting, college tax planning, and tax savings, succession planning, retirement plans, tax compliance and the list goes on.
Formed in January 1997, Bisceglia, Steiman & Fudeman, LLP possesses vast experience of working with businesses from sole proprietors to US$30-million revenue companies. Besides providing consultation on tax and financial matters, Dick and Sherry also prepare financial reports, loan proposals and even assist with family law litigation and IRS estate valuation issues.
Dick, who served in the US army for 2 years, is a licensed CPA in both Arizona and Massachusetts. Sherry, his wife who was a teacher for ballroom, disco and belly dancing, is an expert in bookkeeping. If you prefer, she can provide QuickBooks training too. Of course, Richard Steiman (Dick) is the man you should call for solutions for various accounting needs.
Regardless of your requirements, Bisceglia, Steiman & Fudeman, LLP has a team of certified public accountants at your disposal. Nowadays, business owners do not normally own an army of accountants but outsource their business finances and bookkeeping to reduce overhead. Essentially, they need a trustworthy firm like Bisceglia, Steiman & Fudeman, LLP.
Do you know the difference between an education IRA and a standard IRA? Should you choose investment under Coverdell Section 530 or Section 529, if both are available to you? What are the tax incentives available for higher education? Why is it important to check withholding to avoid a tax surprise? If you want to keep more money for yourself instead of giving away to the taxman, call Richard Steiman.
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