A new tax bill has been signed into law by the President.
We urge you to review your individual and/or business tax situation before year end. For more details on the new tax law and how it impacts your 2017 and 2018 tax planning, please see the link to our website:
Tax and Financial News
The Final Tax Bill
In general, we are reaffirming our prior email about the items that may impact your 2017 tax returns:
In most cases, income will be taxed at a lower rate in 2018 versus here in 2017.
In most cases, deductions offset income taxed at a higher rate here in 2017 versus 2018. Prepay 2017 state and local tax estimates and 2018 real estate taxes here in 2017, unless you are in a AMT situation. Charity donations make more sense to pay in 2017 versus 2018 as well.
When reviewing your individual tax situation, if you have any questions, please feel free to contact us.
BUCKNO LISICKY & COMPANY wishes all
a Happy Holiday Season and Happy New Year!