Change is the word for 2017 in many respects. While the incoming Trump administration promises many changes related to taxes, there are already changes written into law that will affect your returns for the 2017 tax year (returns that you file in April 2018), and a few others affecting your 2016 taxes that take effect in 2017. Here are several of the changes to consider:
We suggest keeping up with the headlines throughout the year to find out how much of Trump's proposed tax plans are enacted into law, and the date on which they take effect. Pay close attention to the effective date of changes — changes can be made through legislation that apply to the existing tax year even though the year is nearly complete.
Consult the IRS website periodically for any further changes, and be prepared to make any quick alterations to your withholding, investments, or other financial factors. The winds of change will be blowing in very soon.
This article was provided by our partners at moneytips.com.
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