2017 Tax Planning Guide
November is an excellent time for year-end tax planning. With proper planning, you will be sure that you have taken all the deductions/credits available, deferred or accelerated income and expenses to get the best possible tax results and prepared for possible legislation changes.
According to the 2017-2018 Tax Planning Guide prepared by DeHoff & DeHoff, CP, dramatic changes in tax law may be just around the corner. Below are some of the tips outlined in the guide. This information is not intended to be a substitute for the advice of a tax professional. While new legislation has not been passed yet, there may be incentives to defer income to 2018 and accelerate deductions into 2017.
- When it comes to alternative minimum tax rate, consider if you are already subject to it or if actions you take could trigger it (see page 2 of the Guide).
- Some income items such as accelerated depreciation adjustments and subsequent gain or loss differences upon asset sale may affect AMT liability.
- If you are part of a partnership or LLC, ask your tax professional if the additional 0.9% Medicare tax on earned income or the 3.8% NIIT will apply to you.
- When planning for 2017 taxes, follow current tax law but plan with your tax professional for changes to tax laws in 2018.
For more information and details, please see your tax adviser. Indevia is here to answer any questions you may have about your tax planning guide and restaurant bookkeeping needs.
About Indevia Accounting
Indevia™ Accounting is one of the largest restaurant accounting service providers and industry innovators. Since its inception, Indevia has focused on delighting clients by providing comprehensive outsourced accounting and strategic services for restaurant owners.
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