As we run full tilt into the holidays – between storing boats & fishing poles, repairing bikes, readying hunting gear and waxing skis don’t forget to THINK about next spring’s tax time.
An ounce of preparation today can save BIG $$ come spring. Particularly if you are looking to lower your tax bill for this year and possibly the next… and who isn’t interested in that?!?
This year tax planning takes place in the light of a new – Tax Cuts and Jobs Act (TCJA) — a generational change in how the United States taxes income. In fact:
- the last time the US Tax Code changed this much was in 1986 under President Reagan
- tax practitioners are retiring in droves – thoroughly defeated with the sheer volume of changes
- the US Treasury is still behind in producing regulations to govern these new statutes
- the 2018 filing season may very well be delayed as a result