As the year draws to a close, now\u2019s an excellent time to review your current tax planning strategies to ensure they\u2019re still meeting your needs and to develop plans for 2017. It\u2019s also a good time to take advantage of last-minute planning opportunities that could save you money now and in the coming year.<\/p>\n
With all that in mind, please contact us at your earliest convenience to discuss your tax outlook so that we can develop a customized plan that will address your specific financial concerns. In the meantime, here\u2019s a look at some of the issues we\u2019re recommending that clients consider as they begin their end-of-year review:<\/p>\n
Tax Identity Theft Is a Significant Threat<\/strong><\/p>\n Our firm takes security very seriously, so we want to begin our letter this year with a reminder that tax identity theft is a growing problem. Unfortunately, it can take many forms, so beware if you:<\/p>\n Receive a robocall insisting that you must call back and settle your tax bill. Your first contact with the IRS will be through official correspondence by mail; they will not call you out of the blue. Also, the IRS does not demand immediate payment over the phone, threaten to arrest you or demand your credit or debit card number or that you use a certain payment method \u2014 such as a gift card \u2014 to pay your taxes. If you receive any suspicious communications from the IRS, you can report the contact by filling out the IRS Impersonation Scam Reporting at www.treasury.gov\/tigtaform<\/u> or call 800.366.4484. We also urge you to contact our office for advice whenever you receive communication from the IRS or believe you might have been the victim of identity.<\/p>\n Watch Out for These Expiring Deductions<\/strong><\/p>\n A few deductions will expire at the end of this year, so it\u2019s important to act now to take advantage of them in the remaining months of 2016 and to adjust your plans for 2017 if you\u2019re depending on using them.<\/p>\n The AMT Remains a Concern, but Planning Can Help<\/strong><\/p>\n The alternative minimum tax (AMT) applies to many taxpayers, requiring them to add back some of the deductions they\u2019ve taken. You are allowed an exemption that somewhat reduces the AMT\u2019s effects. That exemption rose in 2016, to $53,900 for single taxpayers and to $83,800 for married couples filing jointly. Talk to us about other ways to minimize your exposure to the AMT using techniques such as income acceleration or delay.<\/p>\n What Will a New Administration Mean to You?<\/strong><\/p>\n Are you wondering if a new president \u2014 and a wave of newly elected senators and representatives \u2014 could have an impact on tax, business and financial regulation and on your tax return or overall financial planning? Given the longstanding gridlock in Washington, it seems reasonable that we might not see significant change, at least over the near term. However, you can be sure we will alert to any new developments that may have an impact.<\/p>\n The Affordable Care Act and Your Taxes<\/strong><\/p>\n Be Sure Your Retirement Planning Is Up to Date<\/strong><\/p>\n We recommend that you review your retirement situation at least annually and make revisions and adjustments as needed. That includes making the most of tax-advantaged retirement saving options. For example, if you\u2019re eligible, there\u2019s still time to contribute up to $5,500 in total ($6,500 if you\u2019re 50 or over) to a traditional or Roth IRA; you may be able to even deduct your contribution to a traditional IRA. If you\u2019re heading closer to retirement, we can help you determine whether you\u2019re on target to reach your savings goals.<\/p>\n Whether it\u2019s working toward retirement or getting answers to your tax and financial questions, we are here for you. Please call our office today at (401) 287-7115 to set up your year-end tax-season review. As always, planning ahead can help you minimize your tax bill and position you for greater success.<\/p>\n Sincerely,<\/p>\n George F Warner CPA<\/p>\n","protected":false},"excerpt":{"rendered":" As the year draws to a close, now\u2019s an excellent time to review your current tax planning strategies to ensure they\u2019re still meeting your needs and to develop plans for 2017. It\u2019s also a good …<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-43","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n
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