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You Have One Month to Boost Your 401(k) Contribution

Days go by slowly, and years go by fast. It may seem like a lifetime between now and retirement, or maybe it is a goal within this decade. Either way, a vital step to make sure that your financial plans come to fruition and in reducing taxes is to contribute the maximum amount to a tax-advantaged retirement plan. Don’t worry if you have not reached your max so far—you still have time to contribute in 2017.

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Tax Reform May Cloud Individual Year-End Tax Planning Strategies

With tax reform proposals winding their way through Congress, year-end tax planning has become infinitely more complex. There’s a great deal of uncertainty over whether and when tax reform will be implemented and which proposals from the bills will make their way into any final legislation that’s signed into law. The good news is that there are steps to take before December 31 that can reduce your 2017 tax liability.

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Compare and Contrast the House and Senate Tax Bills

November 9 was a busy day in Washington for lawmakers in their race to hammer out a tax reform package. The House Ways and Means Committee made amendments to, and approved, the Tax Cuts and Jobs Act. And the Senate Finance Committee released "policy highlights" for its proposed version of a tax plan.

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November Economic Update

Sweeping Tax Changes Proposed for Individuals and Business in House-Released Bill

On November 2, after months of discussion, the U.S. House Ways and Means Committee released its sweeping bill to reform the tax code. Here’s a brief rundown of some of the individual and business provisions in the 429-page Tax Cuts and Jobs Act. Generally, the changes would go into effect after December 31, 2017, but there are exceptions.

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Year-End Tax Planning for Businesses: Looming Tax Reform Creates Planning Challenges

As the end of 2017 approaches, the prospect of dramatic tax reform makes year-end tax planning especially challenging for businesses. In late September, the Trump administration and Republican congressional leaders unveiled their Unified Framework for Fixing Our Broken Tax Code. The framework proposes reduced tax rates for businesses and changes to a variety of business tax benefits. But there’s a great deal of uncertainty over when — and if — tax reform will be implemented and which proposals could make their way into possible new tax legislation.

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Pros of Bunching Medical Expenses on Your 2017 Tax Return

When it comes to end-of-the-year tax deductions, it pays to be ahead of the game and to pay attention to what the future years might hold. Sometimes it is prudent to put off certain deductions until a future tax return, and in the case of medical expenses in 2017, it may be wise to bunch those expenses to be claimed immediately. If you are unsure of what medical expenses you should bunch or if claiming them all on your 2017 return is right for you, contact our expert tax advisors for guidance.

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U.S. Treasury Department Recommends Significant Action on 8 Recent Tax Regulations

The U.S. Department of Treasury and the IRS recently issued their much anticipated report on several tax regulations that had earlier been identified for review in Executive Order 13789. The report recommends the complete withdrawal, substantial revocation or revision of all of the regulations, including one that had been especially dreaded by the owners of some family-held businesses and their heirs.

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What Would the Republican Framework for Corporate Tax Reform Mean for Your Business?

Corporate tax reform has been a hot topic for many months and it’s now beginning to be addressed in Washington in a little more (but not a lot more) detail. On September 27, the President and Republican congressional leaders released the nine-page "Unified Framework for Fixing Our Broken Tax Code," which includes a framework for corporate tax reform. Many businesses and their owners are wondering how corporate tax reform could affect them. The framework is a bit sparse on details, but let’s shed some light on those it does include.

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Many Blanks Still Need to be Filled in on What Republican Tax Reform Framework will Mean for Individual Taxpayers

In the days following the release of the proposed Republican "framework" for implementing tax reform, issues have been raised about its contents. For example, some analysts and organizations have argued that large tax cuts would significantly increase the deficit if the economic growth projected by Republicans fails to materialize.

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