Retirement Savings

There are some major changes for year-end tax planning for 2018. This has been a tumultuous year for taxes. Tax reform takes affect this year, 2018, and it has significant changes for both individuals and businesses. This is the first major tax reform legislation in more than 30 years. To implement it, the IRS has to create or revise approximately 450 forms, publications and instructions. Also, the IRS has to modify around 140 information technology systems to make sure it can accommodate the new tax forms. This will include writing tax regulations for all of these changes – a daunting task for sure. The following are issues that could affect your or you personally. So you may need to plan for these tax changes.