Once again, tax planning for the year ahead presents a number of challenges, first and foremost being what tax reform measures (if any) will actually become legislation–and when they take effect (e.g. retroactive to January 1, 2017, or a future date). Furthermore, a number of tax extenders expired at the end of 2016, which may […]
Year-End Tax Planning Strategies for Individuals Part 1 Read More »
Alternate Minimum Tax The Alternative Minimum Tax (AMT) exemption “patch,” which was made permanent by the American Taxpayer Relief Act (ATRA) of 2012, is indexed for inflation and it’s important not to overlook the effect of any year-end planning moves on the AMT for 2016 and 2017. Items that may affect AMT include deductions for
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Other Year-End Moves to Take Advantage Of Small Business Health Care Tax Credit. Small business employers with 25 or fewer full-time-equivalent employees (average annual wages of $52,000 in 2016) may qualify for a tax credit to help pay for employees’ health insurance. The credit is 50 percent (35 percent for non-profits). Business Energy Investment Tax
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Investment Gains and Losses This year, and in the coming years, investment decisions are likely to be more about managing capital gains than about minimizing taxes per se. For example, taxpayers below threshold amounts in 2016 might want to take gains; whereas taxpayers above threshold amounts might want to take losses. Caution: In recent years,
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Accelerating Income and Deductions Accelerating income into 2016 is an especially good idea for taxpayers who anticipate being in a higher tax bracket next year or whose earnings are close to threshold amounts ($200,000 for single filers and $250,000 for married filing jointly) that make them liable for additional Medicare Tax or Net Investment Income
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Tax planning strategies for individuals this year include postponing income and accelerating deductions, as well as careful consideration of timing related investments, charitable gifts, and retirement planning. General tax planning strategies that taxpayers might consider include the following: Sell any investments on which you have a gain or loss this year. For more on this,
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Each year we deal with the hustle and bustle of the holiday season and we often fail to realize that there are tax-planning moves we can (and should) be making to minimize our tax burden for the year. While it is true that your taxes are not due until April, the amount you will pay
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Tax planning is something you should be doing throughout the year. However, if you have come to the final month of 2013 and find that you may not have done everything possible to organize your taxes and reduce your liability, the time to start is now. True, the holiday season is already very busy but
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