VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
On Dec. 22, 2017, the most sweeping tax legislation since the Tax Reform Act of 1986 was signed into law. The Tax Cuts and Jobs Act (TCJA) makes small reductions to income tax rates for most individual tax brackets and substantially reduced the income tax rate for corporations. It also provides a large new tax deduction for owners of pass-through entities and significantly increases exemptions for the individual alternative minimum tax (AMT) and the estate tax.
It’s not all good news for taxpayers, however. The TCJA also eliminates or limits many tax breaks, and much of the tax relief provided is only temporarily (unless Congress acts to make it permanent). The combined impact of these changes will ultimately determine where you see reduced taxes. It also will dictate which tax strategies will make sense for you this year, such as the best way to time income and expenses.
With most of the changes from the TCJA going into effect this year, it’s a new day for tax planning. To save the most, you need to become familiar with the changes and be sure you’re taking advantage of every tax break you’re entitled to.
Designed to help you do this, is Doeren Mayhew’s 2018-2019 Tax Planning Guide. It provides an overview of the most consequential changes under the TCJA and other key tax provisions you need to be aware of, as well as a variety of strategies for minimizing your taxes in the new tax environment as it relates to:
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. It will be important to work closely with your Doeren Mayhew tax advisor this year to identify which changes affect you, the best strategies for maximizing the new tax law’s benefits and minimizing any negative tax ramifications. To start your planning process, download the guide and contact our tax advisors today!
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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