If you wait until April 15th to try and reduce your 2016 income tax, there will be very few things you can do. “If” you qualify, you can make contributions to Retirement or Health Savings account up to the April 15th filing deadline that can be deductions for the prior year’s income, however, most tax saving opportunities need to be addressed before December 31st.
What are these planning strategies? To assist our clients and friends with their tax planning, we have provided some discussion on the more common strategies. See the “Year-End Tax Strategies & Planning” page on our web site to review the tax strategy discussion.
Please remember that the strategy and planning discussion is at a general level and not all your planning opportunities may be listed. That would be too long of a list. The purpose is to provide a tool to begin the process and discussion. You are unique and the strategies that would be most effective to you may change from year to year.
Let us help you! We have the knowledge and tools to help walk you through this process painlessly. Contact us if you would like us to develop a strategy that will best meet your specific situation.
Circular 230 Disclosure: This is to advise you that, unless expressly stated, nothing in this communication (including any attachment or other accompanying materials) was intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding any federal tax penalties, or for promoting, marketing, or recommending a partnership or other entity, investment plan or arrangement to anyone.