Why tax planning, this December, may be more important than ever

With the new federal tax law in full effect – and Iowa’s new tax law about to take effect – taking time, now, to plan your tax strategy may produce significant savings for you and your business.

• Can you defer income into 2019 and beyond to take advantage of lower Iowa taxes?

• Can you accelerate income into 2019 to increase the flow-through deduction available at the federal level?

• Can you accelerate capital expenditures to take advantage of generous federal expensing rules – or defer them into future years, when Iowa increases the limits on expensing fixed asset purchases?

• Will the changes to Iowa R&D credit rules affect your ability to claim the credit, as in past years?

• Is your company positioned for compliance with the new state sales tax rules?

These are just a few of the questions you should discuss with your tax advisor before the end of the year.

Because tax law is complex and ever-changing, clients depend on our highly experienced and specialized tax team to manage and optimize their federal, state and international tax obligations.

If you’d like more information about the new tax laws and their impact on you or your business, please contact an LWBJ tax professional.