With Donald Trump in the White House and Republicans maintaining a majority in Congress comes the possibility of some dramatic changes in tax law. For example:
- Individuals could see changes to their tax rates and breaks and the elimination of certain taxes, including the Alternative Minimum Tax (AMT) and the estate tax.
- Affordable Care Act (ACA) “repeal and replace” legislation could also affect taxes for individuals. Certain taxes associated with the ACA could be repealed, while some health-care-related breaks might be enhanced.
As of the writing of this guide, however, these and other prospective tax law changes are still uncertain. Legislation might be signed into law later this year, but likely with many provisions not going into effect until 2018 or later. That doesn’t mean there wouldn’t be an impact on 2017 tax planning. There could be major incentives to defer income to 2018 and accelerate deductions into 2017.
What does this mean for you and your tax strategies? In your 2017 planning, you’ll need to follow current tax law with an eye on what could happen in the future and be ready to act quickly if changes should warrant it. This guide provides an overview of some key tax provisions you need to be aware of and offers a variety of strategies for minimizing your taxes, as the tax environment now stands. Your tax advisor will be a key resource in the coming year; stay in touch with him or her to learn about the latest tax law developments and how they might affect your tax strategies for 2017.
Download the Tax Guide, (PDF) or view it below.ECC 2017-2018 Tax Planning Guide