As 2017 draws to a close, there is still time to reduce your 2017 tax bill and plan ahead for 2018. This letter highlights several potential year-end planning opportunities for you to consider, most of which have to do with income taxes. We would be happy to discuss specific strategies and how they apply to you.
As you may know, the government is aiming to significantly alter the tax code. Although the proposed legislation is likely to be changed before enactment, this a good time to begin discussing and planning for tax reform.
We're writing this under the assumption that nothing significant will change in the law that will affect 2017’s taxes. That said, if changes are made that will affect your 2018 taxes, it may become more important to do multi-year tax planning which may prompt taking action before year-end. If the law changes, we will update you with that information and adapt our tax planning tips as the details become clear. We have noted in each section where significant changes have been proposed using current information.