Hard to miss, but the Congress is busy passing (we think!) the Tax Cuts and Jobs Act, which will slash corporate taxes and toss in a few surprises – good and bad – for individual taxpayers like you.
Throughout this week, we’ll be highlighting on social media a few of the significant tax changes we expect to be incorporated into the final legislation (check our posts on Facebook, LinkedIn and Twitter). We’ll also do a comprehensive wrap-up once the proposals become law. To use a Christmas analogy, let’s just say that some of you will awaken to find presents under the tree, and others will discover your only gift is a lump of coal. We’ll spotlight whether the new regime makes you a tax winner or a tax loser, and what you need to know before the New Year.
We’re also doing final portfolio reviews to adjust investments and take tax-offsetting losses. In a sea of gains, there are a very few losses (mainly in the energy sector) we can take to reduce your taxes.
We all may hate to take capital gains and pay tax, but let’s face it. We’ve been down this path before. There’s a good reason to take gains when stocks are pricey.