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What about Tax Reform?

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Posted on December 12, 2017 by Joseph Saka

The Republicans in the House and Senate expect to deliver to the president’s desk a unified package of tax reform provisions by Christmas Eve. However, the actual contents of that final package are still unknown as is how it may ultimately affect you, your family, and your business.

We’ve been down this road of tax code uncertainty many times before in our firm’s 37-year history. We know that things can change in an instant, and we understand that making predictions now about the potential winners and losers of reform in the future would not even qualify as an educated guess.

Rather than looking into a crystal ball of what might be, we prefer to rely on facts and apply them to each of our clients’ unique circumstances to develop customized strategies that meet those clients’ specific needs and goals.

With just a few weeks left in 2017, there is still time for you to take action to protect wealth and minimize tax liabilities in the current year. For example, you may maximize contributions to retirement accounts, give to charity and/or take advantage of existing tax deductions, such as accelerating bonus depreciation on property purchased and put into place in 2017. In addition, by following the long-standing tax-planning rule of deferring income into the following year, you may be in a better position in 2018, when reform is expected to bring lower tax rates.

We are closely monitoring the developments coming out of Washington, D.C. and analyzing the facts to guide our clients to make informed decisions in a very complex tax landscape. In addition, we are preparing to host seminars in Miami and Ft. Lauderdale soon after a reform package is signed into law in order to share those details and their impact on you. In the meantime, if you have any questions about tax reform, please reach out to one of our advisors.