Tax Strategies for Year-End
Given that lowering taxes is toward the top of President-Elect Trump’s list, you might consider doing any of the following.
Just remember, these suggestions are based on what could happen and not what will definitely happen:
- Accelerate itemized deductions to 2016 (e.g. pay your charities this year)
- Defer income until 2017 (e.g. defer sale of large investments)
- Businesses: purchase needed equipment prior to year-end