2017 Year-End Tax Planning Tips
Tax planning is rarely easy, but this year it is especially difficult due to the potential for
sweeping tax reforms. At this writing, Congress has yet to agree on a comprehensive plan that can
be expected to pass both houses and be signed by the president.
Given this looming uncertainty mentioned above, accelerating deductions into 2017 and
deferring income into 2018 would be suggested sensible strategies to consider. We will continue to
monitor the latest developments in Washington and update you on pertinent developments.
Furthermore, tax legislation enacted during the last few years, including the Protecting
Americans from Tax Hikes (PATH) Act of 2015, could still have a major impact on year-end tax
planning. The PATH Act reinstated dozens of tax breaks that had expired, many of them
retroactively, while modifying numerous other tax law provisions. Finally, other events that have
occurred in recent years—including a stream of new cases, rulings and IRS regulations—may affect
your year-end tax-planning decisions.
Keeping all that in mind, we have prepared the following 2017 Year-End Tax-Planning
Letter. For your convenience, the letter has been divided into three sections:
o Individual Tax Planning
o Business Tax Planning
o Financial Tax Planning
Be aware that the concepts discussed in this letter are intended to provide only a
general overview of year-end tax planning. It is recommended that you review this information with your Whalen & Company tax professional.
View our full year-end tax planning letter here.