With Election Day fast approaching, you’re likely wondering what impact the candidates’ plans will have on your taxes. Be sure to download our Tax Comparison Chart: Trump Vs. Biden- Face-Off on Federal Tax Issues. Here’s a sneak peek at what business tax changes you could see depending on who is elected to office.

Potential Business Tax Changes

Corporate AMT- Republican presidential nominee Donald Trump will preserve the elimination of the AMT under current tax law. Democratic presidential nominee Joe Biden favors a new 15% minimum tax on corporations with at least $100 million in annual income that pay little or no federal income tax under current tax law.

QBI Deduction- Trump will not change or expand the deduction based on a non-corporate owner’s qualified business income. Biden proposes expanding and simplifying the deduction for profitable pass-through entities that aren’t involved in rental real estate activities. In general, his plan would limit QBI deductions for those earning more than $400,000 per year.

Green tax breaks- Trump does not have plans to add or expand any existing green tax breaks as of yet. Biden’s plan calls for reinstating or expanding Obama-era green tax breaks.

For more information on what could potentially change for businesses, download our Tax Comparison Chart: Trump Vs. Biden- Face-Off on Federal Tax Issues.

Questions? Contact us.