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2017 Year-End Tax Planning Strategies Amidst Uncertainty Of Tax Reform Bill

By: Tom Harvey December 07, 2017

December is the time of year when many taxpayers take last-minute steps to lower their income tax liability. This year, however, year-end tax planning is proving to be difficult. As taxpayers think about dotting their I’s and crossing their T’s as 2017 comes to a rapid close, there is one big item up in the air: a major tax reform bill. The Senate just approved the most comprehensive tax reform proposal in 30 years, and we’re now waiting for the House and Senate versions of the bill to be reconciled before going to President Trump’s desk to be signed into law. While the changes brought about by the tax reform bill are not expected to apply to the 2017 tax year, there are provisions in the bill that make certain year-end tax planning strategies for 2017 especially important. Let’s take a look at several steps you can take now to take advantage of current tax laws, and position yourself for the changes that are coming down the pipeline.