The possibility that there will be major tax reform in the next several months makes tax planning for this year more important than ever. The possibility of lost deductions along with some lowering of tax rates for next year, means that you can save big on taxes in if you accelerate deductions in 2017 and defer income, if possible, to 2018 and beyond, when rates may be lower. Here are some tips you can use between now and the end of the year.
As always, there are exceptions and limits to all of these tips. It’s best to consult with a tax professional before the end of the year to be sure to take advantage of all the tax benefits available to you.