End of the year tax planning is often a complicated, last-minute endeavor, and this year even more so as a result of the many changes resulting from the Tax Cuts and Jobs Act of 2017. Some of the areas to consider include the doubling of the standard deduction, the elimination of personal exemptions, and the reduction or elimination of numerous itemized deductions. This newsletter article provides general tax planning guidelines for individuals.

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It’s never too early to start your end of year tax planning or to reach out to your tax advisor at Sharrard, McGee & Co., PA for advice. Call us at (336) 884-0410 in High Point or (336) 272-9777 in Greensboro.