President-elect Donald Trump is expected to make the 2017 Tax Cuts and Jobs Act, which expires in 2025, permanent. American College of Financial Services tax planning certified professional program director and business planning associate professor Sophia Duffy joins Wealth! Host Brad Smith to discuss tax planning considerations. “We’re entering December. We know that there is some kind of last-minute tax reductions that we can take advantage of, like tax loss harvesting and all that. But as far as the incoming administration for President-elect Trump, we know that he has pledged to make those provisions permanent, meaning we’re sort of status quo for the things that we’ve been doing so far,” Duffy tells the Wealth! team. “There’s a few last-minute tax impacts that we can implement today. For example, increasing charitable deductions so that we go over the standard deduction may make sense. We could also take advantage of a strategy called tax loss harvesting. So, I know we’re reaching record highs in the stock market. This may be a little bit more difficult, but for anywhere where we’ve seen losses, you can actually realize that loss today and then use that to offset some capital gains with other investments.” Watch the video above for more from Duffy, including how tax policy changes impact retirement.
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