Add another item to your holiday shopping list: last-minute tax planning.
Congress was poised this week to pass the most sweeping overhaul of the federal tax code in three decades. The Republican legislation, which President Trump has promised to sign before Christmas, delivers most of its benefits to corporations and the wealthy, but there are key changes that affect individuals.
Unlike the corporate tax cuts, the revisions to the individual code are temporary and expire in 2026. Most of them kick in on Jan. 1 and there are steps you could take in the coming days to maximize new advantages and minimize the potential hit from other changes.
“Tax advisors are going to be busy the next couple of weeks,” said Greg McBride, chief financial analyst for financial information website Bankrate.com.
Read the full story on LATimes.com.