With a new administration, this tax year brings lots of changes in relation to year-end planning from 2016. The newly passed “Tax Cut and Jobs Act”, has the potential to help many taxpayers by lessening the percentage of taxes they are required to pay. Here are a few ways it plans to cut rates:
- Pass-through businesses rate drops to 25%
- Restructuring of tax brackets
This bill now being passed is just a small portion in relation to all of the changes and updates highlighted in this year's year-end tax planning letter. Below are only a few highlighted things to consider out of the full tax letter:
- Sales tax deductions
- Controlling income for business owners
- IRA distributions and charitable donations for employees
- Interest expenses
- Medical expense and long-term care insurance and services
Now is a great time to meet with a trusted accountant or tax advisor to go over these complex changes.
Download the 2017 Year-End Tax Planning Letter for Individuals from BDO USA, LLP
