As accountants, many of you take advantage of the winter months and holiday breaks as a time for end-of-the-year tax planning. You realize once the calendar flips to 2019, you are going to be very busy, so taking care of what you can now in preparation for the new tax season is very smart thinking. Today the Rules of Thumb blog from MoneyThumb would like to offer a few resources to assist you in your 2018 end-of-the-year tax planning efforts.
Our first offering for help with end-of-the-year tax planning comes from Thomson Reuters. They have this free special report for accountants titled Year-End Tax Planning for 2018. Here is a description from the Thomson Reuters website of what this report contains:
“Year-end planning for 2018 takes place against the backdrop of a new law — the Tax Cuts and Jobs Act — that made major changes in the tax rules for individuals and businesses. Now more than ever, year-end tax planning must take account of each taxpayer’s particular situation and planning goals, with the aim of minimizing taxes to the greatest extent possible. This special report contains year-end planning tips that highlight the opportunities and challenges facing taxpayers under the new rules and provides two checklists of actions that can cut taxes for this year and in the years to come — one for individuals and one for businesses and business owners.“
As you can see from the above description, this report is not only valuable to accountants, but to individuals and businesses as well.
Our second offering to help you with end-of-the-year tax planning is courtesy of Doeren Mayhew, CPAs, and Advisors. It is an 18-page PDF titled 2018-2019 Tax Planning Guide, Year-Round Strategies to Make the Tax Laws Work for You. Here is the link to download the PDF. Below is a short description of what you can expect to find in this free guide from the Doeren Mayhew website:
“Designed to help you do this, is Doeren Mayhew’s 2018-2019 Tax Planning Guide. It provides an overview of the most consequential changes under the TCJA and other key tax provisions you need to be aware of, as well as a variety of strategies for minimizing your taxes in the new tax environment as it relates to:
- Individual income tax rates, deductions, and credits
- Capital gains and loss carryovers
- Business tax rates, deductions, and credits
- Retirement plans
- Estate and gift tax
- And much more“
The Rules of Thumb blog from MoneyThumb hopes the two free resources we have listed above help you gear up for the new tax season. Another great way to handle taxes much more efficiently is by using our great PDF financial file converters. You won’t believe the time and headaches you will save by converting financial files using our MoneyThumb tools. We offer free trial versions if you’d like to take one of our PDF financial file converters for a spin before you make a purchase. Try out a trial version, which we offer for all types of purposes, whether you are an individual handling your own accounting, a small business, an accountant, or a lender.