As we approach the second tax filing season under the monumental Tax Cuts & Jobs Act (TCJA), we now have a clearer and broader view of what the future holds for businesses, individuals, tax exempt and government entities. This view includes insight into opportunities and pitfalls to consider for 2019-2020. Download AAFCPAs’ 2019-2020 Tax Planning Guide for Businesses & Individuals >>
Provisions of the TCJA included small income tax rate reductions for most individual tax brackets and a substantial reduction for corporations. The TCJA also provided a large tax deduction for owners of pass-through entities, expanded the availability of child credits to more high-income taxpayers, and significantly increased exemptions for the individual alternative minimum tax (AMT) and the state tax.
But it was not all good news for taxpayers. The TCJA also eliminated or limited many tax breaks, and much of the tax relief provided is only temporary, unless Congress acts to make it permanent.
What does all this mean for you? Careful tax planning remains critical.
Specific Topics Include:
- Year-To-Date Review
- Executive Compensation
- Real Estate
- Business Ownership
- Charitable Giving
- Family & Education
- Estate Planning
- Tax Rates
The breadth of these changes requires proactive tax planning, including estimating your tax liability, looking for ways to reduce it, and taking timely action. AAFCPAs reminds clients that decisions made throughout the year have tax implications, and some strategies require action before year-end.
AAFCPAs is pleased to share our 2019-2020 Tax Planning Guide for Businesses & Individuals. It features an informative “Year-To-Date Review,” summarizing some of the most significant TCJA changes and their impact. It also shows how various strategies apply to different situations, and presents descriptive charts, rate schedules, and case studies to help you understand the specifics of tax planning. As you look through it, we encourage you to note the sections or strategies that may apply to your situation.
We encourage you to work with your AAFCPAs Tax Advisors, who understand the complexities of the TCJA and are well-versed in the full range of actions you can take to save tax.
We welcome the opportunity to help you map out a tax plan that takes full advantage of all strategies available to you. Please contact us at your earliest convenience to discuss.