Year-end tax planning moves forward with or without Congress

[Jeff Hobbs]

Regardless of elections, year-end tax planning moves forward…with or without Congress.

The fate of many of the tax incentives taxpayers have grown accustomed to over recent years will likely remain up in the air until Congress and the Administration finally face off weeks before year-end 2017. While the results of Election Day weighs heavily on the overall sentiment, no crystal ball can predict how the ultimate short-term compromise will unfold. As a result, some year-end tax planning must be deferred and executed ”at the eleventh hour” only after Congress passes, and the President signs, what will likely result in a stopgap, temporary compromise yet again for 2017. Tax rates for higher-bracket individuals and a long list of “extenders” provisions such as the child tax credit, the enhanced education credits and the optional deduction for state and local sales tax, hang in the balance. Real tax reform for 2018 and beyond, in any event, won’t be hammered out until 2018 is well underway…if then. Don’t let your tax planning be subject to the whims of what “may be” or “could have been.” Certainly, don't write yet another big check to Uncle Sam without learning how you may qualify for a tax REFUND this year using cost segregation!

Regardless, do NOT wait until the “eleventh hour” before doing your year-end tax planning. Consult with a forensic cost segregation tax engineering specialist as the IRS states clearly that it requires one in order to meet the strictest of IRS guidelines. See https://www.irs.gov/businesses/cost-segregation-audit-techniques-guide-chapter-3-cost-segregation-approaches#Detailed_Engineering_Approach for an in-depth explanation!