Trump's Victory Could Produce Significant Tax Benefits for Businesses and Individuals

Trump's recent presidential re-election could produce significant tax benefits for businesses and individuals, some which may include:

• Making individual TCJA expirations permanent except for the cap on SALT (effective January 1, 2026)
  
  
  
  • Lower Rates and brackets
  
  
  • Increased Standard deduction
  
  
  • Increased Personal exemption
  
  
  • Child tax credit and other dependent tax credit benefits
  
  
  • Elimination of the $10k deduction limitation on state and local taxes
  
  
  • AMT changes
  
  
  • Section 199A pass-through deduction and noncorporate loss limitation increases
  
  
  
  


• Making TCJA estate tax changes permanent (effective January 1, 2026)


• Restoring TCJA business tax provisions (effective January 1, 2026)
  
  
  
  • 100 percent bonus depreciation
  
  
  • R&D expensing
  
  
  • EBITDA-based interest limitation
  
  
  
  


• Reinstituting the domestic production activities deduction (DPAD) at 28.5 percent to lower the effective corporate tax rate for domestic production to 15 percent


• Exempting tips from income taxes


• Exempting Social Security benefits from income taxes


• Exempting overtime pay from income taxes


• Creating an itemized deduction for auto loan interest

To find out more about how Wilson Tax Law Group, could help with your tax litigation and defense needs, we invite you to set up a  consultation with our firm.

Wilson Tax Law Group, APLC is a boutique Orange County tax controversy law firm that specializes in representation of individuals and businesses before federal and state tax authorities with audits, appeals, FBAR, offshore compliance, litigation and criminal defense.  Firm founder, Joseph P. Wilson, is a former Federal tax prosecutor and trial attorney for the IRS and California Franchise Tax Board.  Wilson Tax Law Group is comprised of former IRS litigators & Special Agents, and Assistant US Attorneys from the US Attorney’s Office, Central District of California, Tax Division, which at the time handled both civil tax lawsuits and criminal tax prosecutions on behalf of the United States of America.

For further information, or to arrange a consultation please contact: Wilson Tax Law Group, APLC

Tel: (949) 397-2292 (Newport Beach Office) 

Tel: (714) 463-4430 (Yorba Linda Office)