Top tax strategies for the end of the year
Even though the Tax Cuts and Jobs Act has been with us for nearly a year, most taxpayers still aren’t aware of the steps they should take between now and year’s end to improve their position. By taking appropriate measures, it is possible to maximize the benefits and minimize the burdens under the new law. The issues aren’t the same as last year, when no one knew what the tax landscape would be after the first of the year. The issue now is that much is new, and more complex.
To increase the likelihood of a “pleasantly surprised” taxpayer come tax season, a number of experts shared what they would advise doing between now and year’s end. Here are their suggestions.
Special thanks to Sheila Clark, director of The Income Tax School, Tynisa Gaines, assistant director of The Income Tax School; Roger Harris, president of Padgett Business Services; Mark Luscombe, principal federal tax analyst for Wolters Kluwer; Mike McCarthy, principal at Rehmann; Cathy Mueller, director of operations for Peoples Income Tax; Tom Wheelwright, chief executive of WealthAbility; and Beanna Whitlock, a San Antonio-based practitioner and educator and former IRS director of National Public Liaison