Changes in the tax law are still possible as we approach the end of 2018. However, the environment is nothing like that of December, 2017 with the major changes of the Tax Cuts and Jobs Act. With all its benefits, there are many cut-backs in deductions in the 2017 Act. Taxpayers are just beginning to realize that there were many tax-increasing aspects to the 2017 Act that may apply to them. Generally, the rate cuts were combined with many reduced deductions and a few increased deductions. Your 2018 year-end planning may well be more complicated than ever due to the admixture of positive and negative provisions of the new law. We remind the reader that year-end tax planning is often best combined with big picture planning - 3-5 year projections, thinking about who may next own and run your business, estate planning, etc. The 2018 individual rates come in seven brackets - lower-10%, 12%; mid-range - 22%, 24%; and higher brackets of 32%, 35% and 37%. The top bracket of 37% … [Read more...] about Beginning Your 2018 Year-End Tax Planning