Year-end tax planning has always been one of the few guarantees a business owner will ever get. I just completed a tax plan that will reduce someone's 2018 tax bill by $64,495. And this isn’t a one-time occurrence—in the past two years, I have saved my clients over $3.3 million in taxes. All legally!
So if I have been helping my clients cut their tax bills and pocket tons of money for years, why is this year different? The culprit is the Tax Cuts and Jobs Act (TCJA,) which was passed on December 22, 2017. This law made major changes to the tax rules for both individuals and businesses. Some of the changes will reduce your taxes and some will increase your taxes.
Despite all the changes, many of the time-tested tactics will still work. But the new law adds some major changes that make it vital to meet with a tax planner before year end. If you wait until January it will be too late. At that time it is all history and all I can do for my clients is to tell them how much they owe.
In my blog I give lots of tax-cutting ideas you can use. But be careful, because every plan needs to be customized to your particular situation and goals. Run any tax planning tips on this blog by your tax advisor.
Keep an eye out for these upcoming blog posts that will help you cut your taxes:
- The New 20% Business Deduction
- 2018 Tax Law Changes For Businesses
- 2018 Tax Law Changes For Individuals
- 32 Tax Tips That Save Business Owners Thousands of Dollars Every Year!
- 27 Year-End Tax Tips That Can Save Families Thousands of Dollars!
- 17 Year-End Tax Tips That Can Save Real Estate Investors Thousands of Dollars!
Remember, tax planning is only important if you want to cut your tax bill by $20,000, $50,000, $100,000, or more! Schedule your tax planning appointment soon.
