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After months of waiting, America has a new president-elect, Donald Trump. One of Trump's main campaign objectives was tax reform—including getting rid of the Affordable Care Act, lowering and consolidating individual income tax rates, and expanding tax breaks for families. More immediately, the results of the November 8 election may impact year-end 2016 tax planning. The tax update below explains in depth implications of Trump’s win regarding taxes.
- New Administration Takes Office in January
- Possible Revisions to Tax Code for Individuals
- Possible Revisions to Tax Code for Businesses
- Remaining Extenders Could Be Decided
- Year-End Legislation May Include New Tax Incentive
Hurricane Matthew was the worst storm North Florida has seen in over 10 years. With millions of dollars in damages, many are wondering how their taxes will be affected.
Peter Reynolds, The Griggs Group Managing Partner, was interviewed for an article with the Florida Times Union regarding Hurricane Matthew insurance claims. His suggestion: File with your insurance company even if the amount is less than your deductible and you don’t think you’re going to get any of it back. “And here’s what I think is interesting,” Reynolds said. “If the president declares it a disaster area (which President Obama did on October 8), you can have a choice on what year you want the deduction. You can pick this year or the preceding one.”
The IRS is also offering expanded relief to Hurricane Matthew victims in much of North Carolina, South Carolina, Georgia and Florida. Those affected by the storm have until March 15, 2017 to file certain individual and business tax returns and make certain tax payments. This expanded relief applies to any area designated by the Federal Emergency Management Agency (FEMA), as qualifying for either individual assistance or public assistance.