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Think  you know the tax code? Well, get prepared for some new rules

2017 is going to be a whole new ballgame! This is about as far as I go with sports analogies, but if you think you know the tax code, get ready for some real game changers next year.Tax code

As predicted months ago, what happens in November could hit your taxes as hard as a bat hitting the baseball out into the grandstand. Both Republican and Democrat candidates argue or agree that the tax code needs change. Proposals range from bold plans to restructure the entire tax code to those merely making important changes around the edges.

What difference does this make when filing 2016 taxes?

Without knowing what tax fallout will rain down on us next year, some taxpayers may feel compelled to wait until 2017 to reposition their tax plans. With that strategy, taxpayers might find themselves in some very uncomfortable positions.

What’s the bottom line?

Let’s research your strategy right now—find out how your current plan could back you into a corner. Nuance changes now could provide options for you to either take advantage of opportunities or better avoid pitfalls due to changes in, or the reconstruction of, our current tax laws.

Count the months left to do something. React later or act now. Call me. Let’s talk. 479-478-6831

The IRS says

 

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