Tax reform will be a top priority for the Trump administration.
Though nobody knows exactly how presidential and congressional proposals will play out, financial advisors are recommending clients take steps now to prepare for any tax changes that may lie ahead.
"We think this a policy shift of enormous magnitude. If Reagan was a Richter 8, this is a Richter 9," said Leon LaBrecque, a certified public accountant and a certified financial planner as well as managing partner and CEO of LJPR Financial Advisors.
Given what we know about these proposals, the tax advice is "very simple," said Roger Stinnett, a CFP, CPA and director of financial planning at Westmount Asset Management. "Defer income and accelerate deductions. Rates will likely go down," he said.