November 16, 2016
With the end of the year rapidly approaching, it’s time to consider planning moves that could reduce your 2016 taxes. Year-end planning is particularly challenging this year because of anticipated tax environment changes as a result of the presidential election. Donald Trump’s election as President of the United States is expected to bring changes to the tax laws for individuals and businesses. As the next few months unfold, taxpayers will learn more about Trump’s tax plans. More immediately, the results of the election may impact year-end 2016 tax planning, because of last-minute provisions soon expected to be passed by the “lame-duck” Congress–or by the new Congress early in 2017. Our firm will monitor the status of these expiring provisions closely.
Even though the presidential election results and the status of the expiring tax provisions create uncertainty, there continues to be many traditional year-end tax planning strategies allowing individuals and businesses to save taxes. We’ve compiled a list of actions based on current tax rules that may help you save tax dollars if you act before year-end. Not all actions will apply in your particular situation, but you’ll likely benefit from many of them. You shouldn’t adopt any tax planning strategy offered here without first considering its impact on your overall tax liability. Therefore, we suggest that you contact our firm so that we can advise you on which tax-saving moves to make. In the meantime, click on the image above to review the list of tax-cutting options.
These are just some of the year-end steps that can be taken to save taxes. Again, by contacting us, we can tailor a particular plan that will work best for you, your family, and your business. Tax laws constantly change due to new legislation, cases, regulations, and IRS rulings. Our firm closely monitors these changes and we’ll be glad to discuss any current tax developments and planning ideas with you.
Very truly yours,
Do not apply this general information to your specific situation without additional details. Be aware that the tax laws contain varying effective dates and numerous limitations and exceptions that cannot be summarized easily. For details and guidance in applying the tax rules to your individual circumstances, please contact us.
Any tax advice contained in the body of this material was not intended or written to be used, and cannot be used, by the recipient for the purpose of promoting, marketing, or recommending to another party any transaction or matter addressed herein. The preceding information is intended as a general discussion of the subject addressed and is not intended as a formal tax opinion. The recipient should not rely on any information contained herein without performing his or her own research verifying the conclusions reached. The conclusions reached should not be relied upon without an independent, professional analysis of the facts and law applicable to the situation.