Michael Williams Quoted by Consumer Reports on Immediate Impact of Tax Cuts and Jobs ActOn December 29, 2017 by Schnader in News
Schnader’s Michael S. Williams was quoted in an article by Consumer Reports, “5 Last-Minute Ways to Cut Your 2017 Taxes“. Williams is an associate in the firm’s Tax and Wealth Management Department and a member of the Trusts and Estates Practice Group.
Consumer Reports wrote, “Various miscellaneous expenses, including fees for tax preparation and financial advice, legal fees, union dues, and unreimbursed employee expenses won’t be deductible in 2018. For 2017, you can still deduct anything in that category that exceeds 2 percent of your adjusted gross income. Check Schedule A of your 2016 tax return to determine what miscellaneous expenses you paid last year, and prepay as many of those items as possible now, recommends Mike Williams, an estate planning and tax attorney based in the Philadelphia office of the Schnader Harrison Segal & Lewis law firm. ‘We have been telling clients to pay outstanding invoices now,’ Williams says. “And we’ve asked the investment banks that work with our clients to advance their fees. Tax advice, legal fees-to the extent that you can pay them early, you should.'”
For additional details, see the alert issued by Schnader’s Tax and Wealth Management Department – The Tax Cuts and Jobs Act: Impact and Planning.