“There are a lot of unknown moving parts,” says Greg Rosica, a tax partner at Ernst & Young in Tampa, Fla., and a contributing author to the EY Tax Guide. Despite the difficulty of knowing what lies ahead, here are a few steps that tax experts say are likely to look smart even if Congress does nothing. Withholding: Many taxpayers may benefit by taking a fresh look at how much they pay this year through withholding, estimated taxes, or both. In a typical case, someone steals your Social Security number and files a tax return claiming a fraudulent refund. The transfer counts toward the taxpayer’s required minimum distribution from the IRA for that year.

Source: Wall Street Journal June 12, 2017 02:03 UTC