Dear Clients and Friends,
With the end of the year approaching, it is a good time to review your 2018 income tax situation and take steps to ensure that you are taking full advantage of the many tax planning strategies available.
Before we get to specific suggestions, here are two important considerations to keep in mind:
- Effective tax planning requires considering both this year and next year, at a minimum. Without a multi-year outlook, you cannot be sure planning strategies intended to save taxes on your 2018 return will not backfire and cost additional money in the future.
- Be on the alert for the Alternative Minimum Tax (AMT) in all of your planning. What may be a great planning strategy for regular tax purposes may create or increase an AMT problem.
Download our Year-End Tax Planning Letter for more tax-saving ideas for you to consider. As always, you can call on us to help you sort through the options and implement strategies that make sense for you.