Tips for Year End Tax Planning

Right now we all have shopping lists and recipes on our mind during this holiday season. After the chaos had died down, however, and everyone has their resolutions in order the next thing on many “to do” lists is getting their taxes in order. 2018 is the first year the Tax Cuts and Jobs Act, signed at the end of 2017, will take effect. Confused? We’ve got you covered! Here is a basic year end tax tips guide to help you get the general idea of what to expect.

For more specific guidelines about how this new law will affect you we found this guide from Fit Small Business. It goes over the number of different deductions and benefits for home owners and those who have rental properties. This Nolo blog entitled “How the Tax Cuts and Jobs Act Affects Landlords” is our favorite informative piece geared towards landlords on the new tax plan. It explains in detail the difference between filing your taxes last year and the changes to expect for this coming year.

You still have plenty of time to brush up on these changes, though April 15th always comes sooner than we realize!

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