Table of Contents

• Free Tax Planning Webinar – Discover 5 Ways to Red …

• Big Tax Wins, New Community Launch, and Happy Hour …

• Presidential Tax Policies

Free Tax Planning Webinar – Discover 5 Ways to Reduce Your Taxes

Hey Guys, I don't want to blow up your inbox, but if you haven't heard about our Free Tax Planning Webinar coming up, you need to sign up ASAP. It's packed with tips that could save you thousands on your taxes—and did I mention it's free?

Join us for "5 Ways to Reduce Your Taxes," a virtual session on Monday, October 21 at 2 PM EST. We’ll walk you through strategies like maximizing deductions, leveraging tax credits, and deferring taxes to help you keep more of your hard-earned money. You don't want to miss this—register now, even if you can’t attend live!

Click here to register

Big Tax Wins, New Community Launch, and Happy Hour Fun – Don’t Miss Out!

We’re officially done with another tax season, and I can’t say enough about our incredible staff who worked relentlessly to make it happen. A huge thank you to the hundreds of clients who trust us with the most important details of their financial lives—you’re why we show up every day. Our motto, "Our Clients' Success is Our Success," isn’t just words; we truly mean it. We work hard to help each of you thrive, and in that spirit, we’ve got some exciting changes coming your way.

We’re also launching the P&C Advisory Collective on November 1st, an online community exclusively for our clients, trusted colleagues, and our team. This platform will let us scale educational events like the Free Tax Planning Cohort, host Q&A sessions with me and the rest of our team, and cover advisor topics relevant to your business. It's yet another way for you to stay informed and connected with your trusted CPAs. Sign up here to be one of the first to be added to the group !

Lastly, we’re kicking off a client happy hour at Bar Louie on Thursday, Nov 14th at 5 PM. Clients, spouses, and any guests are welcome. RSVP with Bree at [email protected]—we can’t wait to see you there!

Presidential Tax Policies

Who's ready for November 5th? The choice is almost here, with Trump and Kamala on the ballot. While I'll steer clear of my personal political views, I will break down where they stand on key tax policies:

Donald Trump:

• Extend individual tax cuts from the 2017 TCJA, simplify brackets, and lower top rates.

• Keep corporate tax rate at 21% with potential cuts to spur growth.

• Maintain lower capital gains taxes; possible incentives for long-term investments.

• Oppose wealth tax and keep estate tax exemptions high.

• No increases in payroll taxes for Social Security.

Kamala Harris:

• Provide middle-class tax relief and expand credits for lower-income taxpayers.

• Raise corporate tax rates and close loopholes.

• Increase capital gains taxes for high earners, with rates closer to ordinary income.

• Consider wealth tax on the ultra-wealthy and lower estate tax exemptions.

• Raise payroll taxes on high earners to strengthen Social Security.

Both candidates agree on ending the federal tax on tips income, but their approaches to overall tax policy differ significantly. So, while I won’t tell you how to vote, now you know where they stand with tax policy!

Just because the candidates propose something doesn't mean it's automatically a law. If it's been a while since you watched Schoolhouse Rock's 'I'm Just a Bill,' let's take a moment to refresh how a tax actually becomes law.

Enactment of U.S. Tax Law:

1. Proposal:
   Tax laws often originate from the President, Congress, or federal budget proposals. Congressional committees, like the House Ways and Means Committee and the Senate Finance Committee, may also propose tax legislation.

2. Drafting a Bill:
   The proposal is drafted into a bill, usually in the House of Representatives, as required by the U.S. Constitution.

3. Committee Review:
   The House Ways and Means Committee reviews the bill, holding hearings for expert testimony and making amendments as needed.

4. House Vote:
   After committee approval, the full House debates, amends, and votes on the bill.

5. Senate Review:
   If passed by the House, the Senate Finance Committee reviews the bill. The Senate may amend it before voting.

6. Reconciliation:
   If the Senate amends the bill, it returns to the House for approval. A conference committee may resolve differences, and both chambers vote on the final version.

7. Presidential Action:
   The President may sign, veto, or let the bill become law after 10 days if Congress is in session.

8. Veto Override:
   Congress can override a presidential veto with a two-thirds majority in both chambers.

A big round of applause to our very own Rachel Dillard for wrangling these ever-shifting campaign tax policies into something digestible. Honestly, we could have gone for a deeper dive, but with candidates changing their tunes more often than we change coffee filters, it’s an impossible feat. So, huge thanks to Rachel for getting us organized and keeping us sane!

You really didnt think I was gonna leave you hanging right? Check out this classic -

So, if you spend the rest of the day singing, 'I’m just a bill, yeah, I’m only a bill!'—sorry, not sorry! And seriously, don’t forget about our Free Tax Planning Cohort—if you haven’t registered yet, here’s your fourth chance: Register Now and save thousands!

Until next time!

Vince