Year-End Tax Planning
2018 Year-End Tax Planning Guide
The past year was an eventful one from a tax planning perspective. The Tax Cuts and Jobs Act (TCJA) was signed into law at the end of 2017, initiating the biggest overhaul to the U.S. tax code in almost three decades. This legislation has had a major impact on year-end tax planning for businesses and individuals.
The Supreme Court also handed down a decision in the Wayfair case, which drastically changed the landscape in which businesses need to collect sales tax from their customers.
We have identified a few areas to pay especially close attention to in the coming weeks when starting year-end tax planning for 2018 and beyond.
- Section 199A - Qualified Business Income Deduction
- Potential Benefits of Converting from S Corp to C Corp Status
- Deductions for Business Meals and Entertainment
- Retirement Plan Changes
- Sales Tax Impact of Wayfair Decision
- Partnership Audit Rules
- Qualified Opportunity Zone Investment Tax Benefits
- Depreciation Changes
- Changes to Itemized Deductions
- Limits for Charitable Contributions
- Estate Planning
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