Tax Saving Strategies for Year-End and 2016

print November , 2015

With the end of the year fast approaching, it’s time to consider additional tax saving strategies for this year (and for the future). Tax planning can be challenging and is made even more so by uncertainty about Congressional action on the extension of several tax provisions. Still, there is planning and saving to be accomplished in the here and now, so let’s maximize your tax benefits and learn why 2015 may be a good year for you and your family to save taxes.

To that end, we offer our online Tax Guide, a resource that covers eight key areas, listed below.

  • Tax Planning Basics (topics include whether to save or defer, AMT, timing of income, healthcare breaks, self-employment and employment taxes, itemized deductions and more.)
  • Investing (learn more about capital gains, loss carryovers, passive activities and income investments to name a few)
  • Real Estate (home-related tax breaks and rental rules, real estate activity rules and tax deferral strategies for investment property)
  • Business and Executive Compensation (this section is packed with great strategies for you including depreciation, manufacturers’ deduction, employee benefits, NOLs, business structure, exit planning, nonqualified stock options and incentive stock options)
  • Family & Education (Tax credits, 529 plans, gifts and the kiddie tax, education credits and education-related deductions are among the many tax saving strategies that may be available to you)
  • Charitable Giving (this section covers charitable giving in cash, stock, CRTs and more. We also recommend you visit our article on charitable giving using Donor Advised Funds here.)
  • Retirement (included in this section on ways to make your golden years truly golden are strategies on 401(k)s, traditional and Roth IRAs, plans for business owners and the self-employed and more.
  • Estate Planning (No one’s favorite subject, estate planning is a critical piece of your financial life. This sections offers ideas on Estate, gift and GST taxes, state taxes, exemption portability, trusts and life insurance

While our guide provides solid information and illustrations for you, there’s no substitute for talking with your professional advisor who knows your situation well and can help you understand the strategies most advantageous for you. Please call our tax services team at 404-874-6244.

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