The IRS is still issuing guidance to explain and provide details on the law, which means tax advisers have some leeway — and uncertainty — in interpreting the legislation. (Photo: Shutterstock)
(Bloomberg) –President Trump pledged that his tax law would kill off breaks and complex loopholes for the wealthy. Instead, the overhaul has ushered in a new generation of maneuvers that taxpayers can exploit before Dec. 31 to minimize next year's bills.
Some tactics capitalize on provisions in the law that provide benefits, such as a generous break for owners of pass-through entities like partnerships and a higher exemption amount for the estate tax.
Other strategies are aimed at sidestepping new limits in the law, including the cap on state and local tax deductions.
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