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There are many tax planning strategies for individuals these next 12 months encompassing things like postponing income and accelerating deductions, as well as careful consideration of timing related investments, charitable gifts, and retirement plans.
Preferred tax planning techniques that taxpayers may use are the following: sell any investments on which you have a benefit or loss for this past year, or utilize investment profits and losses. Other investment losses include homes that may have become devalued as a loss, as well as any other business costs if you are self employed. Self employed individuals should visit our offices because self employed clients take much more time and effort to build out a clean itemized deductions and submission.
In case you anticipate an increase in taxable earnings in 2016 and are expecting a bonus at the end of the year, try and get it earlier than December 31. Hold in mind, however, that contractual bonuses are distinct, in that they’re typically not paid out until the the following year.
Consequently, any taxes owed on a contractual bonus would now not be due till you submit your 2017 tax return in 2018. Don’t hesitate to contact the office if you have any questions about this.
Prepay deductible costs which includes charitable contributions and clinicals that cost this 12 months using a credit card. This strategy works because deductions can be taken primarily based on when the fee was charged at the credit card, not when the invoice was paid.
For instance, if you charge an expense in December you have to pay the bill in January, assuming it’s an eligible deduction fee, it is able to be taken as a deduction for your 2016 back end.
In case your corporation grants stock options, you may want to exercising this choice or promote inventory received through exercising of an option if you think your tax bracket will be better in 2017. Exercising this option is regularly but not always a taxable occasion; sale of the option is sort of a taxable event. In case you’re self-employed, send invoices or bills to clients or clients this past year to be paid in complete by end of December.
To learn more about how our Las Vegas Tax services can help, please click here so we can put you on the pipeline to success. Our offices can handle all of your questions and set you up with quality work that will organize your accounting (which can help reduce costs) and will bring you the most possible return.