2016 Year Tax Planning

Tax planning should not be left until the end of the year. Learn more about what you can do to save on taxes, plan for retirement and protect your assets


Personal Income


Review timing of bonuses to minimize effect of higher maximum tax rates.

Profit Sharing Distribution

If planning distribution determine what year(s) is best to take.


Itemized Deductions


Defer large charitable contributions until 2017



Aggregate and pay bills in 2017, if possible




Business Taxes


Look beyond current year and compare cash flow needs to income estimates. Delay income when possible as close in on end of year.



Make sure all tax deductible expenses are recorded.


Retirement Accounts

IRA Conversion

Consider 2016 vs 2017 tax rates when determining which year to Convert to Roth IRA



Increase or decrease 2016 distribution based on tax bracket estimation for 2016 vs 2017




Capital Gains

Sell Investments

Record and report all basis adjustments on real estate sales


Bad Debt

Write off any bad debt as per IRS rules. Consider



Making Gifts

Consider making greater gifts in 2016 to avoid decreased exemption and increased tax rates.



Establish and make contributions in 2016