Tax Center
Year-end tax planning in 2018 is probably more complicated than it has ever been before. The new tax law enacted late last year, the Tax Cuts and Jobs Act (TCJA), completely rewrites the federal tax code. This monumental new legislation has a profound effect on both individual taxpayers and businesses of all shapes and sizes.

Among other noteworthy provisions, the TCJA cuts individual tax rates, increases the standard deduction, eliminates personal exemptions and overhauls the rules for itemized deductions. Generally, the changes for individuals take effect in 2018, but are scheduled to “sunset” after 2025. This provides a limited window of opportunity in some instances.

The impact on businesses is just as significant. For starters, the TCJA imposes a flat 21% tax rate on corporations, a 20% deduction for certain pass though entities and sole proprietors, doubles the maximum Section 179 “expensing” allowance, modifies bonus deprecation rules and repeals deductions for entertainment expenses. Unlike the changes for individuals, most of these provisions are permanent, but could be revised if Congress acts again.

Keeping all that in mind, we have prepared the following 2018 Year-End Tax Planning Guide. For your convenience, the guide is divided into three sections:

  • Individual Tax Planning
  • Business Tax Planning
  • Financial Tax Planning
Be aware that the concepts discussed in this guide are intended to provide only a general overview of year-end tax planning. If you would like to review your personal tax situation, please contact us.
 
2018 Year End Tax Planning Guide

2018 Year End Tax Planning Guide