Things to Do before Dec. 31st!

FOR THE 2017 TAX YEAR:

1.  Prepay 2017 State Income Tax

2.  Accelerate any of your children's unearned income into 2017 (rates go up in 2018)

3.  Push business income to 2018 (rates go down in 2018, plus deduction)

4.  Buy and place in service an electric car (tax credit expires at end of 2017)

5.  Recognize any possible business losses (they will be limited in 2018)

6.  Prepay investment expenses and tax prep fees in 2017 (the deduction is eliminated in 2018)

7.  Sell any business processes or patents before the end of the year (this will be treated as ordinary income in 2018, and is capital gains in 2017)

8.  Wait to buy a business vehicle until 2018 (depreciation on luxury autos goes up substantially in 2018)

If you have questions on whether or not any of this will or should affect you, you may need a Tax Planning Review Session!  Call us at 407-922-0918 or email: Info@onestopconsultingshop.com for help!