Year-end planning for 2019 takes place against the backdrop of recent major changes in the rules for individuals and businesses. For individuals, these changes include lower income tax rates, a boosted standard deduction, severely limited itemized deductions, no personal exemptions, an increased child tax credit, and a watered-down alternative minimum tax (AMT). For businesses, the corporate tax rate has been reduced to 21%, there is no corporate AMT, there are limits on business interest deductions, and there are very generous expensing and depreciation rules. And, non-corporate taxpayers with qualified business income from passthrough entities may be entitled to a special deduction.

To assist you in developing year-end tax planning strategies for your clients, Checkpoint® expert editors have analyzed current tax rules to identify the unique opportunities and challenges facing taxpayers in 2019. This special report provides two checklists of actions that can reduce tax liability for this year and in the years to come — one for individuals and one for businesses and business owners.