Are you prepared for the tax law changes that will affect your 2018 tax returns? Do you know if your 2018 tax liabilities will be higher or lower? Will you be surprised when your tax return or extension is prepared next April? As we are nearing the end of 2018, it is a good time to think of strategies that will help you to better plan your cash flow and tax positions for not just the current year but also the near future.
This year will be more challenging due to the comprehensive tax reform passed in late December last year. Meanwhile, other proposed tax legislation is still in process. We are also waiting for more regulations and guidance from the IRS to clarify some of the new tax laws passed under the Tax Cuts and Jobs Act (TCJA) effective for tax year beginning after December 31, 2017. Lastly, many states have not conformed to the new federal tax law changes. All of these items can complicate your 2018 tax return and may present new tax planning opportunities and pitfalls that require year-end considerations.
The TCJA affects many areas of taxation for both businesses and individuals. If you wish to discuss the impact of the new law on your particular situation, or need assistance regarding your year-end tax planning, please do not hesitate to contact us at firstname.lastname@example.org or toll free at 844.4WINDES.