YEAR-ROUND STRATEGIES TO MAKE THE TAX LAWS WORK FOR YOU
For tax planning, the only certainty is uncertainty
Last December, many valuable tax breaks were made permanent by the Protecting Americans from Tax Hikes
Act of 2015 (the PATH Act). As a result, tax planning in 2016 is a little easier than it has been in recent years.
But there are some tax breaks that the PATH Act only temporarily extended, in many cases only through Dec. 31, 2016. And, even though
many tax law provisions are now “permanent,” this simply means that they don’t have expiration dates. With tax reform still on Congress’s agenda and a new President entering the White House in 2017, some major changes could be on the horizon.
So in your 2016 planning, don’t count on the tax regime remaining the same indeﬁnitely. In other words, the only certainty in tax planning is uncertainty.
What does this all mean? Tax planning in 2016 is as important as ever. This guide provides an overview of some key tax provisions you need to be aware of and offers a variety of strategies for minimizing your taxes. But there isn’t space to touch on all of the available tax-saving opportunities. So please contact your tax advisor to learn exactly which strategies will work best for you.
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