With 2018 being the first year that the many changes created by the Tax Cuts and Jobs Act (The Act) are applicable, this may well be the most important tax planning guide in decades.
Signed into law on December 22, 2017, The Act represents the most sweeping piece of tax reform legislation since the Tax Reform Act of 1986. There are many provisions within the act that present significant changes and tax savings opportunities for both individual tax payers and corporations. Some of the most significant changes include new deductions for pass through entities, increased exemptions on estate tax, and the practical elimination of the alternative minimum tax.
How much of a reduction in taxes you receive, thanks to The Act, will ultimately depend on the skills of your tax preparers, and their familiarity with how to leverage the opportunities presented within The Act, to implement sound strategies to lower your tax obligations and maximize your income.
The 2018-2019 Tax Planning Guide provides an overview of the most significant changes under The Act that will likely impact your tax planning strategies. However, it will be more important than ever to work closely with your tax advisor this tax year–particularly for high net worth individuals.
We invite you to look through it and note the sections or strategies that apply to your situation. Then let us know if you have any questions about what it covers.
Deciding which steps to take isn’t easy. That’s why it’s important to work with an advisor who understands the complexities of tax law, new and old, and is familiar with the full range of actions you can take, to lower your taxes.
We would welcome the opportunity to help you to map out a tax plan that takes full advantage of all of the strategies available to you. Please contact us at your earliest convenience to discuss how we can help you develop a tax plan for this year, and beyond.
Most tax reduction strategies must be implemented by Dec. 31 2018, and some even earlier. So, the sooner you call, the better.
We look forward to working with you to maximize your tax savings.