IRS won’t accept returns next year without health coverage
October 31, 2017
Ohio Announces Tax Amnesty Program
November 16, 2017
IRS won’t accept returns next year without health coverage
October 31, 2017
Ohio Announces Tax Amnesty Program
November 16, 2017

2017 Year-End Tax Planning Tips

 

Tax planning is rarely easy, but this year it is especially difficult due to the potential for sweeping tax reforms. At this writing, Congress has yet to agree on a comprehensive plan that can be expected to pass both houses and be signed by the president.

 

Given this looming uncertainty mentioned above, accelerating deductions into 2017 and deferring income into 2018 would be suggested sensible strategies to consider. We will continue to monitor the latest developments in Washington and update you on pertinent developments.

 

Furthermore, tax legislation enacted during the last few years, including the Protecting Americans from Tax Hikes (PATH) Act of 2015, could still have a major impact on year-end tax planning. The PATH Act reinstated dozens of tax breaks that had expired, many of them retroactively, while modifying numerous other tax law provisions. Finally, other events that have occurred in recent years—including a stream of new cases, rulings and IRS regulations—may affect your year-end tax-planning decisions.

 

Keeping all that in mind, we have prepared the following 2017 Year-End Tax-Planning Letter. For your convenience, the letter has been divided into three sections:

 

  • Individual Tax Planning

 

  • Business Tax Planning

 

  • Financial Tax Planning

 

Be aware that the concepts discussed in this letter are intended to provide only a general overview of year-end tax planning. It is recommended that you review your situation with your Simplitax tax professional.

 

Read our full 2017 tax planning letter here. 

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