Congress made year-end tax planning a little easier for 2016. The Protecting Americans from Tax Hikes (PATH) Act of 2015 made a number of expiring tax provisions permanent, such as the Section 179 deduction and Research and Development Credit, but extended others only through the end of 2016. While this legislation gave clarity to 2016 tax planning, several provisions require action on the part of Congress in order to be extended into tax year 2017 and beyond.
Yeo & Yeo’s 2016 Year-end Tax Planning Checklist provides action items that may help you save tax dollars if you act before year-end. Yeo & Yeo’s tax professionals can help narrow down the specific actions that you can take and tailor a tax plan for your current situation and future changes.
Year-end tax planning should be a part of everyone’s financial routine. Usually there are many tax planning decisions you can make at year-end to drastically improve your tax situation. A thorough review of your tax picture before year-end can let you know where you stand and suggest potential tax-saving opportunities. Make sure you are doing all you can to minimize your taxes by taking action soon.
For more extensive tax information, visit Yeo & Yeo’s Tax Guide Online.