Traditionally, summer is the time for individuals to take stock of their financial situations and engage in tax planning to minimize taxes for the current year and optimize savings opportunities for the future. This year, however, income tax planning is a challenge because of the many unknowns about federal income tax rules. Still, it is helpful to understand these unknowns and develop planning strategies that can be used amidst this uncertainty.
Uncertainty Persists
There are a number of areas of uncertainty because of prior laws, the state of the economy, the federal deficit, and Congress’ inaction on a number of fronts.
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