2017 Top 10 Year-End Tax Tips released by CPA Tom Wheelwright
With the Tax Cuts and Jobs Act likely to pass this week, CPA, CEO and Tax-Free Wealth Author
With this
Wheelwright emphasizes, "Everyone will be impacted by this major GOP Tax Bill, and it's important to take action now to protect your bottom line. While the new tax plan is being sold as a tax cut, there are tax increases for some people. The more you get educated and take recommended steps by
After actually reading the nearly 1,100-page tax bill (and most
2017 Top 10 Year-End Tax Tips from CPA/CEO
1. Prepay your 2017 state income taxes by year-end (this deduction will be limited in 2018).
2. Accelerate any of your children's unearned income into 2017 (rates go up in 2018).
3. Push business income to 2018 (rates go down in 2018 for most, plus 20% deduction in 2018).
4. Buy and begin using an electric car (tax credit expires at the end of 2017).
5. Recognize any possible business losses in 2017 (business losses are limited in 2018).
6. Prepay investment expenses and tax prep fees in 2017 (non-deductible in 2018).
7. Pay any moving expenses related to a job in 2017 (deduction is eliminated in 2018).
8. Wait to buy a business vehicle until 2018 (depreciation on luxury autos goes up substantially in 2018).
9. Sell business processes or patents before end of year (treated as ordinary income in 2018, capital gain in 2017).
10. Sit down with your tax advisor and project taxes under both 2017 and 2018 laws for additional tax planning.
During the last major tax reform in 1986 under President
Bio
Media Contact
Read the full story at http://www.prweb.com/releases/2017/12/prweb15033228.htm
Octo Telematics: UK Telematics Users Save Over £160 million on Car Insurance Premiums in 2017
Envoy Mortgage Correspondent Lending Division Announces Non-Delegated Program Expansion
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News