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    Tax Planning

    October 30, 2018

    Last December, President Trump signed into law the Tax Cuts and Jobs Act, a sweeping tax reform law that entirely changes the tax landscape. The bill itself is massive and contains many tax law changes, some of which are extremely complex. For individuals, there are new, lower income tax rates, a substantially increased standard deduction, severely limited itemized deductions and no personal exemptions, an increased child tax credit, and a watered-down alternative minimum tax (AMT), among many other changes.

    For businesses, the corporate tax rate is cut to 21%, the corporate AMT is gone, and there are significantly liberalized expensing and depreciation rules. And there’s a new deduction for non-corporate taxpayers with qualified business income from pass-through entities.

    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.