Few changes to retirement plan contribution limits for 2017 Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2017. The only limit that has increased from the 2016 level…
Want to save for education? Make 2016 ESA contributions by December 31 There are many ways to save for a child’s or grandchild’s education. But one has annual contribution limits, and if you don’t make a 2016 contribution by December…
Why making annual exclusion gifts before year end can still be a good idea A tried-and-true estate planning strategy is to make tax-free gifts to loved ones during life, because it reduces potential estate tax at death. There are many…
Can you pay bonuses in 2017 but deduct them this year? You may be aware of the rule that allows businesses to deduct bonuses employees have earned during a tax year if the bonuses are paid within 2½ months after…
Ensure your year-end donations will be deductible on your 2016 return Donations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and…
There’s still time to benefit on your 2016 tax bill by buying business assets In order to take advantage of two important depreciation tax breaks for business assets, you must place the assets in service by the end of the…
Accelerating your property tax deduction to reduce your 2016 tax bill Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. When you don’t expect to be subject to the alternative minimum tax (AMT) in…
Year-end tax strategies for accrual-basis taxpayers The last month or so of the year offers accrual-basis taxpayers an opportunity to make some timely moves that might enable them to save money on their 2016 tax bill. Record and recognize The…
A brief overview of the President-elect’s tax plan for individuals Now that Donald Trump has been elected President of the United States and Republicans have retained control of both chambers of Congress, an overhaul of the U.S. tax code next…