This Issues and Insights discusses ten of the most common year-end planning strategies.
- With only a few months left in 2016, it’s important to focus on strategies to minimize your overall income tax burden and to review your estate plan before the clock strikes midnight on December 31.
- Despite the results of the election, neither presidential candidate will be able to change the current tax law this year, so most of the usual year-end tax planning strategies remain the same.
- However, recently proposed IRS changes to reduce or eliminate valuation discounts could dramatically increase the transfer tax cost of shifting property to members of your family in the future, so planning is critical.
There has been so much attention this fall on the presidential election that the end of the year has rapidly come upon us. Regardless of the outcome of the election, neither candidate will be able to change the current tax law this year, so most of the usual year-end tax planning strategies remain the same. However, one recent development has caused us to move the always-important “Review your estate plan” to the top of the list.
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