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Tax Services • Published 11/07/2018 Top 10 Year-End Tax Planning Tips for 2018


  1. Attend P&N’s Year-End Tax Planning seminars and webinars: Whether you are an individual or business taxpayer, P&N’s Year-End Tax Planning seminars and webinars will provide a wealth of information, including a discussion of the tax reform changes, general year-end planning tips, and other tax developments that have happened throughout 2018.
  2. Plan year-end giving: Charitable deductions remain an unparalleled way to give back to your community and achieve tax savings. If you have not met your donation goals, make those donations by the end of the year.
  3. Place depreciable property into service: If you are considering a purchase of depreciable property in the coming months, consider if it makes business and financial sense to make the purchase and place the asset in service before the end of the year. If so, you may be able to achieve tax savings for tax year 2018.
  4. Pass-through entity deduction: Last year’s Tax Cuts and Jobs Act was monumental for several reasons. One of its most groundbreaking changes was the creation of a deduction for income for certain pass-through entities. Year-end is a great time to review your entity classification and determine if your business is organized in the most tax-efficient manner. 
  5. Payroll tax withholding: Due to the decrease in individual tax rates as a result of last year’s Tax Cuts and Jobs Act, the IRS released new payroll tax withholding tables.  Year-end is a perfect time to review the withholding payments made on behalf of your employees to ensure the appropriate amounts were withheld.
  6. Sales tax changes: This year marked an unprecedented change in sales tax nexus rules after the Supreme Court decision in South Dakota vs. Wayfair. If your business is engaged in selling goods or services, take this time to review your sales tax nexus profile to ensure it is appropriate after
  7. Retirement planning: Review your retirement contributions to determine if further retirement plan contributions should be made.
  8. Harvesting losses: If you have generated capital gain during the tax year, it may be appropriate to review your asset portfolio to determine if there are any assets that could be sold to generate a capital loss. If such a sale works within your larger investment strategy, this could be an effective way to offset additional tax on capital gains.
  9. Ensure proper record keeping: Check your records to make sure that you have the appropriate documentation to support your tax positions, whether for individuals or businesses.
  10. Remember, help is available for all your year-end tax needs: Contact us or get in touch with your P&N tax advisor if you have more questions.
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