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:
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:
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