Year-end tax planning may be a little easier for 2016. For the first time in several years, taxpayers won't have to wait for Congrassional action on late-year “extenders” legislation to know whether certain popular tax breaks are still available to them. The Protecting Americans from Tax Hikes (PATH) Act of 2015 made some of those provisions permanent and extended others for several years.
This 2016 Year-End Tax Planning Guide highlights various PATH Act provisions, along with other potential opportunities for lowering individual and business taxes. As always, it's best to start planning as early as possible because many strategies will be effective only if they're implemented before year-end.
However, before you act on any of the information presented in the guide, you'll want to obtain professional advice. The federal tax law remains highly complex, and your tax planning should be done within the context of your specific situation. For more information, please contact our office at (901) 682-2431.