Political uncertainty is not an excuse for paralysis. Tax planning is just as important as ever, especially as prospects for tax reform are higher than they’ve been in years. Grant Thornton’s 2017 Tax Reference Guide
helps you understand obstacles and possibilities. Republicans are proposing to lower tax rates, which means your normal planning goals not only make sense but may even be more powerful. You still want to defer taxes by accelerating deductions and deferring income. If a rate cut is eventually enacted, the payoff is even bigger because you got to use deductions against a higher rate but are recognizing income when rates are lower.
Of course it’s possible that lawmakers will change the tax code retroactively from the beginning of 2017, which could take the extra juice out of deferring tax from 2017 to 2018, or take away tax benefits you were counting on for 2017. We think this is unlikely, but it will be important to stay apprised of the latest legislation outlook.
Whatever happens, you need to know how credits, exemptions, deductions, phase-outs, tax rate tables and other items have changed for 2017. This reference guide has detailed tables containing many of the most important 2017 tax figures for you and your business, as well as planning tips for the new environment.
Comprehensive chapters cover:
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- Income taxes
- Employment, investment and alternative minimum taxes
- Filing and reporting requirements
- Estate and gift taxes
- Compensation and benefits