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It Makes Sense to Do Your Year-End Tax Planning Now

 

It might seem like you’re still just beginning the fourth quarter but it is still a good opportunity to consider your 2017 tax return. Wanting to get ahead over the fall can make things easier for you after the busy holidays. You may even be able to make your New Year a happier one with a reduced tax burden or a larger refund. 

Looking ahead to 2018, businesses and individuals need to be aware of the potential for late tax legislation and prepare for any of the responsibilities and requirements that could come with tax reform being a major priority for the current presidential administration. Tax planning opportunity should always be discussed with your team of advisors including your financial professional and your estate planning lawyer. Delaying income till 2018 and accelerating your deductions this year is one of the best ways to minimize your 2017 tax bill. This is particularly true if tax reform causes tax rates to go down in the next year.

Accelerating your deductions into 2017 and pushing income into 2018 could lead to a permanent tax benefit if the tax rates are indeed lowered.

You may also be able to request, for example, getting your year-end bonus later if it is standard practice at your company. If you are a freelance employee, you could also postpone billing. By doing so you may be able to claim larger credits, deductions and tax breaks for 2017 that are phased out over varying levels of adjusted gross income. This could include higher education tax credits, deductions for student loans interest and child tax credits. Some individuals may find that it is better to accelerate income into 2017 and this should be discussed directly with your financial professional.



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