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Congress is enacting the most sweeping tax legislation in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there is still a narrow window of time before year-end to soften or avoid the impact of crackdowns and to best position yourself for the tax breaks that may be heading your way.

Here is a quick rundown of last-minute moves you should think about making.

While many entrepreneurs find satisfaction in owning their business and others simply love their jobs, most do not necessarily want to work for the rest of their lives. 

If you are such an entrepreneur, you are not alone. Many look forward to the idea of never having to work again, yet, the concern about whether there will be enough income to survive can’t be overlooked. This leads to the all-important question:  How much does one need to save for retirement?

In the quest for gifts and seasonal savings together with the promise of continued prosperity, many taxpayers overlook some of the simple year-end moves they can do that will help to reduce their taxes and improve the bottom line.   There are many action steps you can perform today in order to save taxes for the next tax period.  Below, find a shining display of our top five tips to save future tax dollars. 

For many, Medicare open enrollment is an opportunity to fine tune their healthcare coverage needs and assess (or anticipate) what coverage may be needed in the coming year.
Open enrollment may also allow you to save money as plans are reevaluated and adjusted and in some instances, improve coverage where you recognize you may have gaps. While the open enrollment plan changes may seem confusing, it is your opportunity to switch Medicare health and prescription drug plans to better suit your needs.

What is the Medicare open enrollment period?

The Medicare open enrollment period is the time during which people with Medicare can make new choices and pick plans that work best for them. Each year, Medicare plans typically change what the plans cost and cover. In addition, your health-care needs may have changed over the past year. 

What we're reading today:

Aug. 28, 2017  WASHINGTON –– Hurricane Harvey victims in parts of Texas have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today.

For many parents, the idea of getting their kids ready for back-to-school conjures up both a welcome relief and a financial frenzy. According to NEAToday.org, in 2016, parents spent $200, on average, per elementary student and $330 and $375 per middle and high school student, respectively. That is a lot of paper and pencils!  

For many, being in the position to either sell your primary residence or rent the property is a powerful one. Rental income can be a great additional source of income and the investment, if managed properly against the rest of one’s financial portfolio, can contribute to a nice tax shelter. 

Thinking about income taxes should not just be an end-of-year or pre-April-15-panic occurrence. The well-informed taxpayer will think about these seven mid-year tax tips that could help save on his next income tax filing, as well as yours.