Consider Your Tax Planning Strategies for 2019 and Beyond
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 Mayhewâ€™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 yearâ€™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.