As year-end rapidly approaches, we at RPB always find this time to be a great time to look for tax planning opportunities. With the largest tax code changes in 30 years in the final debate stages and slated to take effect for 2018, this year may present some “once in a lifetime” tax savings for many people.
With the pending changes varying from elimination of state income taxes, elimination of personal exemptions, elimination of DPAD, revisions to education deductions and credits, elimination of moving expenses, elimination of alimony deductions, revisions in mortgage limitations, increases in expensing limits, to flat out revisions in the tax brackets themselves (and trust me there are many more).
Our Tax Department is hard at work reviewing all of the potential changes, how they affect our clients, and assessing the potential savings opportunities for our clients. What should be done before year-end? What should be postponed until 2018? For many of our clients we will be emailing and calling them to discuss these options. Timing is crucial, and a call or meeting this year with your tax professional may be time very well spent.
Our doors and lines are always open to our clients, so if you have a question or concern on how the new legislation may affect you and we have not had the opportunity to contact you yet, please don’t hesitate to contact us. At RPB, we are here to help whenever you need it.
Informing you is just part of what we do at Reilly, Penner & Benton. From tax planning, to preparation, to audits, we are here to help. Email or call us anytime to join our conversation.
Brad Voght is the tax partner at Reilly, Penner & Benton, LLP, a public accounting firm and trusted adviser specializing in business and personal tax matters as well as in not-for-profit work, school organizations as well as government and municipal agency work. The firm also provides ERISA audit services to publicly held entities throughout the country. A PCAOB registered firm, Reilly, Penner & Benton CPAs also known as RPB CPAs, has served closely held businesses and has provided tax preparation and advice, financial statement audits, reviews and compilations, employee benefit plan audits, bookkeeping services, business valuations, fraud prevention and consulting services since 1907.
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