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strategic tax planning in 2018 and why you need it this year more than ever

The good news is that the new tax law, the Tax Cuts and Jobs Act, includes lower tax brackets and a near doubling of the standard deduction. However, there is also much uncertainty looming regarding the new tax law, as several provisions within the Tax Cuts and Jobs Act (TCJA) remain unclear. Changes to income, confusion regarding itemized deductions for state and local taxes, and other unclear provisions have already caused some taxpayers complications. The new tax law makes strategic tax planning for 2018 more important than ever.

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How failing to plan for 2018 taxes is planning to fail

Keeping a shoebox full of wadded-up receipts and tax documents and then rushing to your tax preparer at the last moment isn’t going to give you the tax results that you want. No matter how much you dread them, taxes aren’t something you can think about just once a year. Failure to plan is planning to fail. That phrase applies to many aspects of your life, including your taxes. Instead of crossing your fingers and hoping for the best, you can avoid tax-time failure with the right planning. Decide now what you want and how to plan for 2018 taxes.

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You’ve likely wrapped up your 2017 taxes by now, and are looking ahead into 2018. The new Tax Cuts and Jobs Act brings numerous changes to the already enormous tax code. More than ever you need a plan. For example, here are just 5 of the things you need to know before the 2018 tax season: Read more