2016 Year-End Tax Planning Tips

'Tis the season for tax planning. Now is often the optimal time for individual taxpayers and small business owners to implement strategies for reducing tax liability. These techniques may be accentuated in 2016 by the new law passed last year, the Protecting Americans from Tax Hikes Act, that preserves and extends numerous tax breaks. Keeping that in mind, we are providing a series of year-end tax planning ideas you can present to clients.

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Although 2016 will soon be in the rearview mirror, ample time remains for a tax risk management wellness check. Managing tax risk affords...
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Bonus depreciation – the ability to claim boosted first-year depreciation deductions for qualifying assets – has been a staple of year-end...
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You don’t have to be a farmer to reap the tax benefits of “harvesting” capital gains and losses. This time-tested technique, which often...
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As year end approaches, C corporations, like individuals, should decide when and how to shift income and deductions between 2016 and 2017...
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The best year-end move your older clients might make this year is to simply follow the rules for required minimum distributions (RMDs) from...
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Do you need to replace outmoded or worn-down equipment used in your small business? Thanks to the Protecting Americans from Tax Hikes (PATH...
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It’s an expensive mistake for writers and other freelancers to think of taxes as a once-a-year affliction caused by the need to grapple...
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I woke up this morning and there was a slight chill in the air. Living in central Florida, our version of cold compared with northerners is...
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When it comes to medical and dental expense deductions, many taxpayers simply throw up their hands in despair and give up. It’s no wonder:...
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Do you think you can build a better mousetrap? If you’re convinced you’ve found a viable niche, you might launch a new business venture...
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With the flip of the calendar come the annual slew of changes to the United States tax code. These changes will affect payroll processing,...
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Here’s hoping your 2016 – and the work you did with your clients this year – was prosperous and successful. Closing the books on your...
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Is your home adequately protected from the winter elements? If you haven’t done so already, consider installing energy-saving improvements...
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Are you getting married around the end of the year? Usually, it doesn’t make sense to change your wedding date at the last minute. But be...
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This is a great time of the year to connect with your self-employed clients and share end-of-year tax tips and commonly overlooked tax...
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In his first televised interview, President-elect Donald Trump declared that a “major tax bill lowering taxes in this country” would be one...
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Are you looking to reduce your 2016 tax liability in the waning days of the year? There’s still plenty of time to contribute to one or more...
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Do you provide financial assistance to an older child or elderly relative? If you’re careful about observing the tax rules in this area,...
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Americans who followed the presidential election were incessantly reminded that the tax code allows businesses that incur net operating...
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Typically in my column Tax Court Corner , I explore and decipher US Tax Court cases. But in this article, the first in a three-part series...
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Are you in the market for a new car or SUV? Besides intriguing year-end deals being offered by dealers, a unique tax incentive may be too...
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This second article in my three-part series written with year-end strategies in mind focuses on C corporations. I will always remember my...
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If you’re like most small business owners, you’re willing to go a long way to keep your clients happy. Frequently, that means jumping on a...
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In this final article on year-end tax tips, I am going to explore the different retirement plan options for businesses and individuals,...