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2018 Year End Tax Planning Letter

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It is hard to believe that the year is almost over, and the holiday season is upon us. As you put the finishing touches on your year-end plans remember to include a plan for taxes this year. The Tax Cuts and Jobs Act (TCJA), as it is commonly called, was signed into law last December and is the most sweeping tax legislation in the past 30 years. The Internal Revenue Service and the U.S. Treasury continue to issue interpretative guidance on nearly a weekly basis. The guidance currently available is in proposed form, is subject to change, and leaves many unanswered questions. Significant uncertainty exists for the application and implementation of the TCJA.

The majority of changes enacted by the TCJA will first be effective for the 2018 tax year. As a result, this year will be a year of significant change for all taxpayers – individuals and businesses alike. Understanding the impact of these changes on your specific tax situation now and taking proactive steps before year end will ensure that you have a peaceful tax season.

Given the significant change in the tax code, it is particularly important this year that you consult with your DHG tax advisor early and take your time to carefully assess how your tax situation is impacted by the TCJA. You may find in this year of significant change that you need more time to make decisions and evaluate how you are impacted, in which case the prudent decision may be to extend your tax return to allow for adequate time to plan and implement the new provisions of the TCJA.

This letter highlights some of the recent changes as well as some tax planning ideas for you to consider before year end. This letter does not address many of the nuances, detailed calculations and rules of the TCJA that must be carefully evaluated before implementing any provision highlighted herein. In light of all the change, we anticipate that this letter may raise some questions, and we are here to help. Our hope is that it also sparks some ideas and will serve as a starting point from which to identify and explore opportunities with your DHG tax advisor as part of your personal tax plan.

At DHG we strive to help you achieve your goals. We realize that your tax situation is unique and as such you deserve a personalized approach to planning. The intent of this letter is not to replace the one-on-one tax planning with your personal DHG tax advisor.

If you do not already have a planning meeting scheduled and would like a personalized in depth discussion and analysis of your tax situation, please reach out directly to your DHG tax advisor. We look forward to meeting with you soon.

Thank you for allowing us to work with you in planning for the future.

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