Year-End and Year-Round Tax Planning Strategies for Individuals and Businesses
GSG’s Year-End Year-Round Tax Planning Guide analyzes the latest tax changes and provides strategies to prepare you for their impact.
Year-end 2017 presented significant uncertainties due to the proposed tax reform. President Trump did not sign the Tax Cuts and Jobs Act of 2017 (TCJA) until December 22, 2017, leaving taxpayers with limited time to understand the major changes it put into effect. While many of these updates may not be permanent, they will yield long-term changes.
GSG’s 2018 Year-End Year-Round Tax Planning Guide provides guidance to the significant individual and business changes of the TCJA. As you plan for the 2019 tax season, our guide will help assist with understanding the impact of these recent changes and allow you to determine the best strategy for your future.
The guide includes a comprehensive list of strategies for individuals and businessesfor the 2018 tax year and future years.
Strategies for individuals:
Timing – Depending on your tax bracket, it’s important to determine whether you should try to defer taxable income until a later tax year and accelerate deductible expenses into the current tax year.
Retirement planning – Maximizeretirement savings by contributing the ideal amount to your plan.
Your investments – Capital gains and dividends are taxed differently with favorable results.
Strategies for businesses:
Timing– Consider timing bonus payments and reviewing accounts receivable reports to identify uncollectible accounts that may be written off as bad debts.
Asset purchases – The PATH Act allows businesses to plan for purchasing fixed assets with much more tax certainty and the potential for significant tax breaks.
Entity strategies – Businesses structured as an S corporation require special tax planning as a result of the new legislation.
Year-end tax planning has always been a complexundertaking. Beginning your year-end planning as soon as possible will alleviate tax season demands and position you to achieve your tax-saving goals. If you have any questions, contact our tax professionals today.