Tax planning is a year-round effort, but as the end of the year approaches and your income and deductions become more evident, it is a good time to take a final look at where you stand and what you can do to minimize your 2018 tax liability.
Individual Tax Income
Under the newly enacted Tax Cuts and Jobs Act, the corporate tax rate decreased from a maximum of 35 percent to a flat 21 percent rate beginning in 2018.
The Tax Cuts and Jobs Act lowered the corporate income tax from a maximum rate of 35% to a flat rate of 21% beginning in 2018.
The recent changes to the tax code resulting from the Tax Cuts and Jobs Act uniquely effects each individual filing an income tax return.
The Tax Cuts and Jobs Act changed and suspended many deductions that taxpayers could take on their individual tax returns.
Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family, and your business calculate your federal income tax bill, and the amount of federal tax you will pay.
You may or may not know your retirement date, or whether you intend to retire early or continue working as long as you can.
Yearend planning with losses may seem like a whole lot of work for nothing, but different categories of losses have different hoops you have to jump through, so understanding the rules is key to getting the most out of your losses.
As we approach year end, now is a good time to review the changes in business tax provisions including those provisions that have expired in 2016 and future years and provisions that began in 2017.
As December quickly approaches, now is the time to review business tax planning.