OvernightMost of the new tax law does not go into effect until 2018, so you'll have plenty of time to study and plan for tax saving.
BUT, what about 2017? Some of the act's provisions create opportunities for you to cut taxes for THIS YEAR! In this video, Brett Hersh will reveal a few strategies that will help you use Tax Cut and Jobs Act to minimize your 2017 taxes. He will also discuss some common year-end strategies that will help you cut your largest expense for 2017: Taxes!!
He'll also share his number one, top secret, tax planning tip: Don't wait until the last minute to plan! I guess that wasn't such a secret after all.
There's still time to start saving on taxes!
Updates and Corrections
As with any legislation, there's bound to be changes, clarifications, and amplifications. We'll post those here as they become available.
CORRECTION: It has come to light since filming our tax tips video that the tax act limits 2017 SALT deduction for prepayments of future years. To make sure any additional payments qualify for a 2017 deduction, make sure you are paying taxes for 2017 or a prior year. As of right now, we believe our 2017 estimated payment strategy for state and local taxes will qualify for a 2017 deduction, but - as always, please consult with a tax professional regarding your specific circumstances. Also, remember that any refunds for 2017 may be considered income for a future tax year.
All courses and articles are for informational purposes only and do not constitute tax advice. Taxes are complicated - do not act on course information without consulting a professional. Always refer to treasury regulation before making any tax decision. Read the full disclaimer.