Compensation and Benefits

Tax breaks and year-end planning tips for individuals

Tax breaks and year-end planning tips for individuals

Now that fall has arrived officially, it means that December is around the corner. Before the year ends it is the time to begin thinking about what you can do to minimize your tax liabilities or maximize your tax refund.

The Tax Cuts and Jobs Act of 2017 mean changes for both individual and corporate taxpayers. Although many individual taxpayers are expected to see a drop in their federal tax liability in 2018, that is not the case for everyone because limitations, or the elimination of certain deductions, might offset the benefit of slightly lower tax rates.

Tax planning and creating a tax strategy is as important as ever. When income is timed and deductions are planned,...

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