Insights

Autumn is for Caramel Apples, Cycle Rides and Tax Planning!

Autumn is for Caramel Apples, Cycle Rides and Tax Planning!


Oct 12, 2017
Financial Institutions

The calendar has officially changed from summer to autumn. The temperature here in Wisconsin this last week would not make you believe that, but the kids are back in school and the pumpkins are ready for picking. This is my favorite time of year because I want to cherish every great weather day, knowing it will not be long before the snow starts to fall and I will need to put my motorcycle away for the winter. It is a sad day when the cycles are pushed to the back of the garage and covered up. 

My husband and I love to ride our cycles anytime of the year, but the autumn is special. We get to see the beautiful countryside turn into vibrant colors as the leaves change. Plus, there are many great fall festivals and corn mazes that we find as we ride around Wisconsin. They are great places to stop to stretch out our legs, have some caramel apples, and support the local economies. 

Besides enjoying those caramel apples, autumn is a great time to continue your tax planning strategies for the year. This year it is particularly important to discuss with your tax advisor opportunities such as accelerating deductions because of the potential for tax reform. The tax planning process could net you an additional benefit if we do have a reduction in the tax rates.  Last winter, I would never have predicted we would still be waiting for information on what tax reform will look like. I also would not have thought it would take until now for Washington to start discussing tax reform to help support local economies. So while we do not know what tax reform may happen yet this year, it is still important to start your year-end tax planning and make it part of your autumn—along with caramel apples and cycle rides (or however you get out to see the colors and enjoy the weather)!

Author(s)

Jessica Mac Naughton
Jessica H. Mac Naughton, CPA
Partner
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