Tax insights Helpful Tips for Year-End Tax Planning and Charitable Giving

Stephen A. Baxley

Oct 18, 2019

Highlights

  • The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, significantly affects income tax and philanthropic planning, and its tax law changes factor prominently in our analysis.
  • While the suspension of certain popular deductions have mostly negative effects, there are useful planning opportunities to explore.
  • TCJA included a new deduction of up to 20% for individuals for flow-through business income, as well as a new incentive program for investing in economically distressed areas.
  • In this Wealth Planning Insights, we provide a brief summary of the current tax law and its broader implications as well as some helpful tips for your tax and philanthropic planning as we head into year-end.

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Director of Tax and Financial Planning
Steve is responsible for delivering strategic tax consulting and tax management services to Bessemer clients and their related entities.