The Whitnell Way
Insights For Business Owners, Executives And Affluent Families
Viewing Blogs by Barbara Whiting
Tax Strategies To Consider Right Now
6 Ideas To Help You Win Or Tie Against Tax Changes
The details of the tax bill have yet to be fully explored and the impact of these changes may not be fully apparent for some time. But now that the bill has passed, it is important to understand how the new tax laws might affect you. Our team at Whitnell has spent the last several days reading and analyzing the proposed tax changes. This analysis has helped us draw several conclusions.
My counsel is to view these six ideas as either a win or a tie. Many long-standing tax deductions may be partially or completely eliminated very soon. These may include deductions for local real estate taxes, state income taxes, housing mortgage interest payments, investment advisory and accounting fees and possibly other deductions.
It appears that most changes to the tax laws will likely be effective going forward, but there are some with effective dates in 2017. Since substantial deductions may be partially or completely wiped out starting next year, it is wise to consider how to take advantage of current tax law to reduce future taxes. Here are six ideas to help you win or tie against pending tax changes.