September Nuggets - a little something for everybody

So far, fall is being pretty quiet on the tax front. We’re still learning what’s in the new tax bill and I’ll keep you posted of developments.

• One thing I do know is that under the new law for the deductibility of car interest, there are several caveats.

  • The vehicle must be under 14,000 lb. GVWR

  • It must be a passenger vehicle.

  • It must at least have final assembly within the U.S. My daughter just bought a new car over the weekend and she wasn’t eligible because she missed this mark. (I get that as an adult, you don’t want your mom all up in your business, but yeah….)

• There are also lots of rumors swirling that there will be another tax bill by the end of the year. Just for clarity, there usually is another tax bill after a big tax bill for “technical corrections” where the law contradicts itself or is hopelessly ambiguous. However, what I’m hearing is that there will be another big bill. We’ll see.

If there’s anything that you have a question about that I’m not covering in these newsletters, please feel free to reach out to me at wendy@wswray.com and I’ll be happy to help.