With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax when rates are higher.
Timing income and expenses can be a little more challenging for accrual-basis taxpayers than for cash-basis ones. But being an accrual-basis taxpayer also offers valuable year-end tax planning opportunities when it comes to deductions. Read More
The 15 Best Year End Tax Tips To Activate Before Midnight December 31st are as follows:
1. You may want to pay contested taxes to be able to deduct them this year while continuing to contest them.
2. You may want to settle an insurance or damage claim in order to maximize your casualty loss deduction.
3. Give generously to both family and friends. Rich families stay rich by aggressively giving their money away to members in their clan. Remember you cannot take it with you when you go.
4. Make gifts sheltered by the annual gift tax exclusion before the end of the year to save gift and estate taxes. The exclusion applies to gifts of up to $14,000 made in 2015 to each of an unlimited number of individuals. Read More