As the end of the year approaches, it is a good time to think about moves that will help lower your tax bill for this year and possibly the next.
The House and Senate are considering sweeping changes in tax policy, including significant decreases in taxes on higher incomes, but of course nothing will become law unless and until those proposals are signed into law.
In the meantime, there is a lot that individuals and business owners can do prior to December 31 of this year that can help reduce their 2017 tax obligation.
Below we provide two checklists that highlight the opportunities and challenges that affect year-end planning for 2017, including actions that can cut taxes for this year and in the years to come.
One checklist describes actions individuals can take before December 31 to save taxes.
The second checklist describes tax-saving actions businesses and business owners can take prior to year-end. (Business owners should also review the items on the checklist for individuals.)
>> For Individuals
>> For Businesses and Business Owners
