tax bill financial planning

Entity Selection & The Tax Cut & Jobs Act

Entity Selection & The Tax Cut & Jobs Act

Because of the new tax bill, there are potentially large tax planning opportunities here.  If you own a pass through business (or any business other than a C-Corp), you could save thousands in taxes over the next several years by ensuring you qualify for the maximum deduction.

What the New Tax Bill Means to You

What the New Tax Bill Means to You

For tax planning purposes, that means that it may make sense to "lump" your itemized deductions together in certain years, if possible.  Since you can always claim the standard deduction as a fall back, lumping together your deductions in an effort to itemize once every few years may make sense.