New Tax Law and Potential 2017 Action Steps

As if the holidays didn’t have enough details to stress us out, we are now facing new tax laws. Most of you don’t have time to read the 500+ pages of the new law, so allow us to help put the information into bite size pieces for you.

Since we do know that 2018 tax rates will be lower than 2017 tax rates, utilizing more expenses or deductions in 2017 and/or deferring income to 2018 will help you save tax. Also, the new law almost doubles the standard deduction so less people will itemize in 2018 and beyond.

Because of these factors, here are some strategies that taxpayers may want to take advantage of before the year is over: