Your tax situation may change for the 2018 year as a result of the new Tax Cuts and Jobs Act (TCJA).
Brown and Company, CPA, LLC believes you should be informed of how these changes may affect you and your family. Below, we’ve highlighted some of the changes that will impact individual taxpayers, as well as steps you may want to consider by the end of 2017. We strongly encourage you to consult with your tax and other advisors before taking action.
Evaluate how utilizing 529 funds for K-12 qualifying education expenses may affect your other short- and long-term education savings goals. It may be beneficial for you to delay payment of 2017 qualifying expenses into 2018 (however, consider the impact of late payment penalties).
Consider receiving medical care in 2017 or 2018 to take advantage of the lower threshold deduction. Also, consider where you are in meeting your health plan deductibles.