Mais conteúdo relacionado Mais de Grant Thornton LLP (20) 10 Year-end tax guide tips 1. © 2016 Grant Thornton LLP | All rights reserved
10 year end tax-planning tips
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Year-end tax guide tips
2. © 2016 Grant Thornton LLP | All rights reserved
Accelerate deductions and
defer income.
Consider deferring bonuses, consulting
income or self-employment income. On
the deduction side, you may be able to
accelerate state and local income
taxes, interest payments and real
estate taxes.
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Bunch itemized deductions.
Many expenses can be deducted only
if they exceed a certain percentage of
your adjusted gross income (AGI).
Bunching itemized deductible
expenses into one year can help you
exceed these AGI floors.
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Make up a tax shortfall with
increased withholding.
If you’re in danger of an underpayment
penalty, try to make up the shortfall by
increasing withholding on your salary
or bonuses.
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Leverage retirement
account tax savings.
It’s not too late to increase
contributions to a retirement account.
Contributions reduce taxable income
at the time that you make them, and
you don’t pay taxes until you take the
money out at retirement.
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Reconsider a Roth IRA
rollover.
It has become very popular in recent
years to convert a traditional IRA into a
Roth IRA. This type of rollover allows
you to pay tax on the conversion in
exchange for no taxes in the future (if
withdrawals are made properly).
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Get your charitable house
in order.
A cash contribution must be
documented to be deductible.
If you claim a charitable deduction of
more than $500 in donated property,
you must attach Form 8283.
For cars, attach the charity's
acknowledgment with a description
of the car.
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Give directly from an IRA.
If you are 70.5 years old or older, using
your IRA distributions for charitable
giving could save you more than taking
a charitable deduction on a normal gift.
That’s because these IRA distributions
for charitable giving won’t be included
in income at all, lowering your AGI.
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Zero out AMT.
The top alternative minimum tax (AMT)
rate is only 28%; so you can “zero out”
the AMT by accelerating income into the
AMT year until the tax you calculate for
regular tax and the AMT are the same.
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Don’t squander your gift
tax exclusion.
You can give up to $14,000 to as many
people as you wish in 2016, free of gift
or estate tax. You get a new annual gift
tax exclusion every year, so don’t let it
go to waste.
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Leverage historically low
interest rates.
An appreciating market and historically
low rates create the perfect
atmosphere for estate planning.
The past several years presented a
historically favorable time, and the low
rates won’t last forever.
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For additional tax planning tips for
compensation and benefits, privately
held businesses and private wealth
planning, visit Grant Thornton’s
Year-End Tax Guides 2016.
For Additional Tips
13. © 2016 Grant Thornton LLP | All rights reserved
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