5 last-minute tax moves to make now before Trump's tax plan goes into effect

Thomson Reuters

• The Republicans might pass their tax reform bill before the end of the year.
• Since President Donald Trump's tax plan is not yet finalized, it remains to be seen exactly how everyone will be affected by tax reform.
• Still, there are some things taxpayers can do before the end of 2017 to get ready.

The Republicans' tax plan might be passed soon.

In case it does, there are some things you can do now to prepare for the looming changes. Although a final version of the tax bill remains to be seen, there are certain steps folks can take now to get ready in case tax reform goes into effect for 2018.

The team at TaxAudit, an audit defense service, came up with several tax moves to make before 2017 comes to a close. "No one knows for certain if a tax bill will pass before the end of the year, how the Senate and House bills will be reconciled, or what the final product will look like before it goes to the Joint Committee on Taxation," Dave Du Val, TaxAudit's chief customer advocacy officer, said.

"Nevertheless, there are provisions where the two bills are in agreement," he continued. "It's a compelling reason to be proactive with your end-of-year planning."

We put together five key things to think about doing now.