As the 2017 tax season winds down with the September 15th and October 15th deadlines I would like to mention two important ways to maximize your tax benefits.
In almost all cases it is better to search for deductions on your 2017 tax return, if you have not yet filed your 2017 tax return on extension. Since most taxpayers will be benefiting from lower tax rates in 2018, utilizing possible deductions in 2017 will help you save. It will lower your taxable income in 2017 as the tax rates are higher in 2017, and you will therefore receive the most benefit.
If you have a Net Operating Loss carryover from prior years that can be carried back to lower income and receive a refund in those previous years, now is the time to do just that. In 2018 NOL’s will be discontinued. If you have an NOL I suggest you look and see if carrying it back will help in previous years and go ahead and amend those prior year tax returns before you carry the NOL forward into 2018.
Best of Luck!