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    Tax Planning

    October 31, 2017

    Uncertainties created within the Trump Administration’s proposed tax reform legislation – what changes might be made, and whether those changes would be retroactive for 2017, present a unique set of year-end challenges for taxpayers.

    The best year-end tax planning strategy for many taxpayers will be to follow the time-honored approach of deferring income and accelerating deductions to minimize 2017 taxes. This approach may turn out to be even more valuable if Congress succeeds in enacting tax reform that reduces tax rates beginning next year in exchange for slimmed-down deductions.

    We’ve compiled a list of actions in a Special Report based on current tax rules that may help you save tax dollars if you act before year-end. Our Special Report includes two checklists – one that describes actions individuals can take to save taxes and one that describes actions businesses and business owners can take to save taxes. Not all actions will apply in your particular situation, but you’ll likely benefit from many of them. You shouldn’t adopt any tax planning strategy offered here without first considering its impact on your overall tax liability. Therefore, we suggest that you contact our firm so that we can advise you on which tax-saving moves to make. In the meantime, click the Special Report image above to review the list of tax-cutting options.

    Again, by contacting us, we can tailor a particular plan that will work best for you, your family, and your business. Tax laws constantly change due to new legislation, cases, regulations, and IRS rulings. Our firm closely monitors these changes and we’ll be glad to discuss any current tax developments and planning ideas with you.

    Very truly yours,

    Do not apply this general information to your specific situation without additional details. Be aware that the tax laws contain varying effective dates and numerous limitations and exceptions that cannot be summarized easily. For details and guidance in applying the tax rules to your individual circumstances, please contact us.

    Any tax advice contained in the body of this material was not intended or written to be used, and cannot be used, by the recipient for the purpose of promoting, marketing, or recommending to another party any transaction or matter addressed herein. The preceding information is intended as a general discussion of the subject addressed and is not intended as a formal tax opinion. The recipient should not rely on any information contained herein without performing his or her own research verifying the conclusions reached. The conclusions reached should not be relied upon without an independent, professional analysis of the facts and law applicable to the situation.