As the end of the year approaches, it is a good time to think of tax planning moves that will help to lower your tax bill for 2017 and possibly realize even greater tax savings in the event the tax rates change in 2018. We have a unique set of challenges this year due to the comprehensive tax reform and other legislative changes that are expected to happen soon. Although the new provisions will most likely not go into effect until 2018 or later, they could still impact the 2017 year-end planning. Reforms, if enacted, will likely bring down the tax rates, particularly for business income. Another unknown is the Trump Administration’s initiative to “streamline” rules and regulations coming out of the Treasury and the IRS. Meanwhile, the usual flood of court decisions and IRS guidance has continued, which also presents new opportunities and pitfalls that require year-end consideration.
Every tax situation is different and requires a careful and comprehensive plan. We can assist you in aligning traditional year-end techniques with strategies to be more tax efficient. If you have any further questions or need assistance from us regarding your year-end tax planning, please do not hesitate to contact us at firstname.lastname@example.org or toll free at 844.4WINDES (844.494.6337).