Shock, awe, joy, exasperation, dejection — no matter your reaction to your 2018 tax bill, you may find relief knowing that 2019 offers a fresh year to apply new tax strategies to your situation.
While many of the new, altered and eliminated tax laws are set to last through 2025, there are changes this year to consider while tax planning. Read about the alimony deduction elimination, the medical expenses deduction threshold increase and the Affordable Care Act individual mandate penalty repeal. Then begin building your 2019 tax plan by making time-tested tax moves, like checking your withholdings early on and prioritizing your retirement plan savings.
And business owners, read how you can begin the year on the right foot by ensuring the future of your business through a comprehensive succession plan. Take a look at the essential plan elements listed in this Tax Planning Letter.
Remember, the earlier in the year you start to plan, the more effective your efforts are likely to be. Call if you’d like help planning your 2019 tax strategy.
Feel free to share this newsletter with friends and associates who would like to learn about tax benefits available throughout the year.