The possibility of significant tax reform legislation presents a unique challenge for year end tax planning. Taxpayers should prepare a variety of tax strategies and be ready to act should a final tax reform bill pass prior to year end, early next year, or not at all.
The House and Senate both passed their own legislation of the “Tax Cuts and Jobs Act” and now an agreement appears to have been reached on a Reconciliation Bill. Both versions include provisions for lowering the individual and corporate tax rates, repealing tax credits and deductions, while enhancing the child tax credit and business expensing among others.
If you would like to discuss your situation or have questions about how these changes may affect your business or individual income tax filings, please contact our professionals at 859-331-1717.