This Tax Strategy Failed Last Year, but Should You Do It Again Anyway?
Tax planning got a lot more complicated after the 2016 U.S. presidential election. Donald Trump's victory meant that taxpayers looked closely at the Trump tax plan for a clue about what would be coming down the road, and a Republican-controlled Congress seemed to make it a near-certainty that tax reform packages would become law.
In order to take maximum advantage of anticipated tax changes, many taxpayers used a simple strategy designed to save them money on their tax bills in the long run. That strategy has thus far turned out to be a bust, because tax reform hasn't yet passed and is extremely unlikely to apply retroactively to the 2017 tax year. Yet as December approaches, taxpayers are once again wondering whether it makes sense to try again.
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Source: Fool.com
