With tax reform looming, “tax planning” may not seem as feasible this year as in previous years. Amid all of the capitaluncertainty, it is rather difficult to effectively “plan” for something that has not even been finalized, or really developed yet. Who knows what the tax system will look like come tax season!? Even though things are still really up in the air, tax season is still approaching, and fast! Because of all of the proposed changes, this year more than ever, filers need to be aware of and familiar with new regulations. They may need to make quicker than usual decisions when filing their returns if legislation is passed before year end and therefore will be applied to 2017 returns. Typically, tax regulations change mildly from year to year, but overall, the main concepts remain. This year, the tax system could be turned on its head. Filers need to be aware of these changes so that they can maximize their tax savings.

Who can keep up with all of this reform though? I mean, let’s be honest. Keeping up with all of the latest headlines documenting the tax reform taking place in Washington is a full time job—or more! How can you live a normal life and still be informed of the latest policy changes and how they will affect you? Changes in regard to capital gains, deductions, and income shifting (just to name a few) are teetering on the brink of major reform. How can you possibly know ALL that is going on and how to apply it to filing your return?

You could just wing it and see how it goes. That could cost you big time. Or, you could forget about the stress of tax planning and leave those dreaded details to us. Here at Wealth Builders CPAs & Consultants, we are closely monitoring all things tax reform. We are following all of those headlines and applying that information to our tax planning strategies. By trusting our experienced staff, you are not only going to maximize your tax savings, you are also going to eliminate the headaches of trying to cram all the unfamiliar details of a brand new tax system and possibly missing out on valuable deductions. We pride ourselves on staying abreast of all the new changes. We communicate regularly with our clients via newsletters, emails, phone conversations, and meetings to strategize how to leverage those changes in order to further build their wealth. We would love to take the stress out of tax season for you—call us today to schedule a free consultation!

 

Wiles, Russ. “With Sketchy Tax-Reform Details, Year-End Planning Could Be Challenging.” USA Today, 12 Oct. 2017, 7:00 AM, ET, www.usatoday.com/story/money/personalfinance/2017/10/12/sketchy-tax-reform-details-year-end-planning-could-challenging/729871001/.