With the introduction of “The Tax Cuts and Jobs Act” last week, The House Ways and Means Committee proposes dramatic changes to our nation’s tax laws. As the legislative debate begins in earnest, the only thing that is certain for taxpayers is uncertainty. Individuals and business leaders alike must navigate year-end tax planning under the current tax laws while positioning themselves to react quickly in the event that the new tax legislation should go into effect in 2018.
Despite the uncertainty, there are robust planning strategies that may make sense under both current and proposed legislation. Regardless of rates, for example, it might make sense to accelerate deductions and defer income. As always, any potential transactions should be evaluated considering both tax and non-tax perspectives in order to make the best overall decision for your business.
To help with year-end tax planning, we offer this 2017-2018 Tax Planning Guide that offers an overview of some key tax provisions and a variety of strategies for minimizing your taxes–as the tax environment now stands. For more information about year-end tax planning, contact us.