Time to start planning

Dear Clients and Friends,

As 2016 winds down, a lame-duck Congress is unlikely to take action on tax legislation. The pace of activity may change next year, with a new Administration and ongoing talk of tax reform, and 2017 could bring welcome and needed improvements. Whatever happens, we’re here to keep you updated as events unfold in the tax world.

Until political clarity emerges, however, you’re smart to make the most of established rules in your year-end tax planning. Evaluate your financial situation, select what moves will provide the most savings, and execute your plan in a timely manner. Currently available deductions, credits, and other tax benefits will reduce your 2016 tax burden and put you on track to accommodate new planning opportunities as they arise in the future.

Take moment to review the following links for helpful tax planning information.

– Part I – 2016 Tax Rules – A Quick Review
– Part II – Create a Tax-Saving Plan to Reduce Your 2016 Tax Bill
– Part III – Proposed Rules Make Estate Planning an Important Part of Your Year-End Review
– Part IV – Keep Up with Affordable Care Act Information Reporting
– Part V – Wrap Up Tax Benefits for Year-End Charitable Gifts

I urge you to set aside time to do some year-end tax planning. Now is a great time to review your 2016 tax picture and to consider actions you can take before year-end to minimize your taxes.

Please call or email me, if you have questions or if you would like to get together to discuss your tax-cutting options at year-end. And if you have friends or associates who would be interested in minimizing their taxes, please send them a link to this site.

– Jim Gibbs, CPA

NOTE: This newsletter is issued annually to provide you with information about minimizing your taxes. Do not apply this general information to your specific situation without additional details. Be aware that the tax laws contain varying effective dates and numerous limitations and exceptions that cannot be summarized easily. For details and guidance in applying the tax rules to your individual circumstances, please contact us.