If you want to head off a tax bill from Uncle Sam next spring, right now is the best time to prepare.
Mid-year tax planning is especially important in 2018, experts say, as accountants and their clients grapple with a volley of changes from the Tax Cuts and Jobs Act.
Even your income tax return — Form 1040 — is getting a makeover: It will be postcard-sized, with six worksheets filers will need to wade through in order to claim above-the-line deductions and credits.
“Be prepared for your return to look a lot different than it did last year,” said Tim Steffen, director of advanced planning at Robert W. Baird & Co. “It’s not just the forms themselves, but in terms of what’s deductible and how your tax is calculated.”
These are the key planning areas you should review with your accountant this summer.