As the end of the year approaches, it is a good time to think about moves that will help lower your tax bill for this year and possibly the next.
The Tax Cut and Jobs Act has resulted in significant decreases in taxes on higher incomes and corporate profits, and President Trump has announced that he wants Congress to enact additional cuts in taxes for middle-income families.
In the meantime, there is a lot that individuals and business owners can do prior to December 31 of this year that can help reduce their 2018 tax obligation, and possibly their taxes in 2019 as well.
Below we provide two checklists that highlight the opportunities and challenges that affect year-end planning. One checklist describes actions individuals can take before December 31, while the second checklist describes tax-saving actions businesses and business owners can take prior to year-end. (Business owners should also review the items on the checklist for individuals.)