Given the new tax law, tax planning has become more complicated and fluid than ever. Many of the regulations have recently been promulgated, so everyone is still learning exactly how it affects them. What is certain, however, is some exciting changes are coming.
The lower tax rate for businesses is just the beginning. There are many things a business can do to lower taxes. Some of them will build goodwill among employees, since they will reap the benefits.
Here is a list of some of the more common things a business can do:
With the increase in the standard deduction to $12,000 ($24,000 for married filing jointly) many taxpayers will no longer be able to itemize effectively. Also, the total tax write off for taxes like state income tax and real estate tax is limited to $10,000. There are still things you can do to minimize taxes:
These are just a few of the many tax saving planning tools available. I would be happy to explore your personal situation before year end in order to minimize your taxes.
S.A. Freitas, CPA
Certified Public Accountant
181 Odell Hill Rd.
Center Conway, NH 03813
PO Box 2900
North Conway, NH 03860
Fax: (401) 435-3463