2017 Year End Tax Tips

Did you miss the 2016 Filing Deadline? Please call us and we will help you to stay in compliance.

We are approaching towards the end of 2017 and are left with only couple of months before 2017 ends. It is time to review these year end tax tips.

Please see if you can legally defer your income (Self employed people). Whether you are employed or self employed, you can also defer income by taking capital gains in next year rather than in current year. Deferring income makes sense only if you think you will be in the same or lower tax bracket next year.

Take benefit of some last minute tax deductions like Charity Contributions, Property tax bills, Medical Bills, etc.

Beware of the Alternative Minimum Tax: Sometimes accelerating tax deductions can cost you money…if you are in the AMT or if you inadvertently trigger it.

Sell your investments to offset gains.

Contribute the maximum to retirement accounts.

Avoid the kiddie tax.

Check IRA Distributions.

Watch the flexible spending accounts.

For detailed info, please contact us and we will help you. Thank you.