The forecast for tax reform this summer remains cloudy.
Strategy: Continue to rely on current law. At this point, you can still make tax moves this summer to improve your tax outlook, whether or not Congress eventually passes tax reforms.
Keeping that information in mind, here are nine top tax-saving ideas for the upcoming summer months:
1. Give yourself a vacation. Say you’ve booked your flights and hotel for a weeklong visit with a top client. As long as the primary purpose is business related, you can deduct your expenses associated with the business travel—including airfare, lodging and 50% of your meals—even if you add a couple of vacation days to the end of the trip. But any costs that are attributable to the vacation days aren’t deductible.
2. Harvest capital losses. Harvesting losses for tax purposes usually occurs near year-end, but you don’t have to wait. If you’ve already collected short-term capital gains this ye...(register to read more)