Year-End Tax Strategies Under the Tax Cuts and Jobs Act of 2017

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law today, December 22, 2017. The Act raises a number of questions regarding year-end tax planning strategies and whether they will produce a benefit, given the changes coming in 2018. As is detailed below, some make sense for many taxpayers to consider, while others involve highly fact-specific inquiries requiring individual analysis. Still others are not worth pursuing.

Note that much of this planning involves accelerating expenses into 2017. That approach is useful only if you do not anticipate being subject to the Alternative Minimum Tax (AMT) in 2017. As you consider that issue, please keep in mind that accelerating deductions into 2017 might trigger the AMT for you.

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