With most of the changes from the Tax Cuts and Jobs Act having gone into effect last year, many taxpayers faced some surprises when they filed their 2018 income tax returns. To save the most, you need to be familiar with the changes and how you may need to adjust your tax planning strategies.

This is exactly what Doeren Mayhew’s 2019-2020 Tax Planning Guide is designed to help you do. To view it, simply click here to learn about important tax law changes and ways to minimize your personal and business income tax liability. Below are highlights from this year’s guide:

• Weighing your options of standard deduction versus itemizing
• Medical expense deduction obstacles
• Dependent credits available to enhance family tax savings
• Capital gain maximums you can leverage for your investments
• Use of Opportunity Zones to defer (and reduce) capital gains tax
• Business structure and pass-through entity implications
• Deductibility of entertainment, meals and transportation
• Self-employment deductions available
• Impact of retirement plan changes
• When taxable gifts can save you taxes

As you look through the guide, please note the strategies and tax law provisions that apply to your situation or that you would like to know more about. Then contact your Doeren Mayhew tax advisor with any questions you may have about these or other tax matters. We stay up on the latest tax law developments and tax-reduction strategies to help you and your business thrive.