As I’m sure you have heard, the GOP tax plan was passed by Congress last Friday and is expected to be signed into law by President Trump in early January. The speed at which the bill moved through Congress and it’s nearly immediate effect, likely on January 1, is unprecedented and has caught many off-guard. Because of this, there’s been a dearth of information on 2017 year-end steps to consider. While we don’t provide tax advice or tax preparation, I’ve been on the lookout for a succinct summary of steps you may want to consider and/or talk with your tax preparer about before year’s end. Here’s one such summary from the LA Times, which I thought you might find it helpful. I’ll be taking some of these steps myself.
I hope it’s helpful, and again, please don’t consider this individualized tax advice. If you have questions about your specific tax situation, it may be worth a quick call or email to your tax preparer. I wish you the happiest of holidays and hope 2018 holds great things for you.