Tax forms

Salary-reduction arrangements can exclude up to $520 each month from a client’s taxable income to cover these expenses.

One strategy for clients to continue their philanthropic work and reduce their bill is to bunch multiple years of donations into one with a donor-advised fund.

The paperwork will be designed like the Form 1040EZ, the shortest federal income tax form.

Despite questions about the hastily cobbled legislation, there's some consensus as to what advisors and their clients can do now to avoid unpleasant surprises.