Year-End Year-Round Tax Planning Strategies for Individuals and Businesses
GSG’s latest tax planning guide provides year-end and year-round strategies for individuals and businesses for the 2019 tax year and future years.
The Tax Cuts and Jobs Act (TCJA) brought on significant changes in 2018 for both individuals and businesses, leaving taxpayers to navigate through a complex tax season.
Both the corporate and individual tax rate was reduced, traditional deductions were either reduced or eliminated, and a new 20% of qualified business income deduction was introduced, just to name a few.
For 2019, taxpayers only have to familiarize themselves with minor changes to the TCJA. Such changes include updates to tax brackets and limits as a result of inflation and the elimination of the Affordable Care Act penalty on taxpayers who opted out of health insurance coverage. The unreimbursed medical expense deduction has been increased to 10% of your Adjusted Gross Income (AGI), and alimony is no longer deductible or taxable for a divorce decree.
Even though this year’s changes are minimal, tax planning is always complicated. GSG’s 2019 Year-End Year-Round Tax Planning Guide provides a thorough analysis of every necessary tax planning strategy for yourself and your business. When it comes to year-end tax planning, timing is essential. Starting now gives you the chance to accomplish your tax-saving goals for your future.
Download our guide as a tool to assess your current tax condition, evaluate your options and prepare for a variety of possible scenarios.