As 2017 draws to a close, an uncertain tax and legislative environment means that year-end tax planning is more important than usual. The possibility of major tax reform in the next several months opens up powerful planning opportunities that can save on tax if completed before year’s end.
“The potential for tax reform makes year-end tax planning more important than ever for individuals and public and private companies,” said Dustin Stamper, director in Grant Thornton’s Washington National Tax Office, in a statement. “Tax filers should look for ways to accelerate deductions into 2017 while rates are high, and defer income into future years when rates might be lower.” He also stressed that the potential to lose deductions or tax incentives as part of tax reform should also factor into year-end planning. “It’s important to remember that good tax planning goes beyond what has happened. You also have to account for what may happen in the months to come.”
To help individuals and businesses prepare for filing season, Grant Thornton LLP has released a collection of Year-End Tax Guides for 2017
-- and in the meantime, here are 10 of the most important 2017 tax planning considerations for individuals: