Tax Planning For 2018
Deferring income or bonuses if advantageous to do so (freelance clients should consider deferring billing).
Paying all 2017 state tax liability before January to receive a federal deduction.
Looking over available tax credits.
Maximizing cash and non-cash charitable contributions. Consider gifting appreciated stocks or mutual funds to charitable organizations.
Bunching deductible expenses. Using a credit card may be appropriate.
Checking the Alternative Minimum Tax (AMT) and how certain year-end actions may affect it.
Checking if the “kiddie tax” applies to your clients.
Paying the first installment of 2018 property taxes.
Maximizing retirement account contributions, and consider if a Roth conversion is better for long-term tax benefits.
Taking required minimum distributions from retirement plans.
Purchasing equipment and putting it to use to qualify for the business property expensing option (2017 is the last year business owners can take advantage of 50% bonus depreciation).
Looking over special tax relief for victims of Hurricane Harvey, Irma, or Maria