As the end of the year approaches, it is a good time to think of planning moves that could help lower your tax bill for this year and possibly the next. Year-end planning for 2019 takes place against the backdrop of major changes in the rules for individuals and businesses. For individuals, these changes include lower income tax rates, a boosted standard deduction, and severely limited itemized deductions. For businesses, the C corporate tax rate has been reduced to 21%. For pass-through entities such as S Corporation and Partnerships, there is the qualified business income deduction. For all businesses there are possible limits on business interest deductions, loss limitations, and generous expensing and depreciation rules.
