Tax Planning Tips
2017 Year-end Individual Tax Planning Tips Considering Potential Tax Reform
Tax reform is coming in 2018. Although the specifics are uncertain, one thing is for sure, there are likely to be some major changes to allowable itemized deductions starting in 2018.
In lieu of certain deductions as described above, taxpayers will receive a higher standard deduction based on their filing status, or the higher of otherwise still allowable itemized deductions.
We believe that time-tested tax planning strategies that accelerate deductions and defer taxable income still hold true for most taxpayers.
Actions to consider before December 31, 2017 in anticipation of 2018 Tax Changes
While the Proposed Tax Plans aim to reduce individual tax rates, modify or eliminate a variety of itemized deductions and repeal the Alternative Minimum Tax (AMT), there remain many uncertainties.
We will keep you informed as the New Law comes to fruition.
This information is intended as general guidance only. Your individual tax situation is unique and may vary depending on your specific facts and circumstances. Please contact your GDS tax professional for specific guidance and how these items may impact you.