Strategic Consulting Solutions, Inc.


Halloween, Thanksgiving and Tax Planning

There are a lot of fun things to do and holiday events in the Fall.  The seasons change, the leaves turn and we all begin to think about what’s ahead as we get closer to the end of each year.  While it is not likely to be considered a fun activity by most (well, probably not by anyone), Fall is also the last opportunity to do tax planning and take actions which may lower your taxes.  Routine tax planning includes the process of estimating both your income and tax obligations, then comparing the result to payments you have made (or need to make).  In addition, new for calendar 2018 tax returns are the changes from the Tax Cuts and Jobs Act (TCJA) which was passed at the end of 2017.

If you prepare your own taxes, there are many reputable resources on the internet to help guide you through the TCJA changes which may impact you.  For those who have professional tax preparers, now is the perfect time to contact them for at least a brief discussion, if not a more detailed analysis, of what’s coming for your 2018 taxes (and of course to avoid surprises next year when the tax returns are completed and filed).

To get you started with your planning process, please feel free to check out the Coulter & Justus online tax guide which has TCJA information for individuals, businesses, and not-for-profits:  http://coulterjustustaxguide.checkpointapps.com/resource_library/tg-basics.cfm?sp=3518

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