From a tax perspective, 2016 was a relatively calm year. But this relative calm shouldn’t create complacency.
Instead, it creates two significant opportunities for year-end planning. First, you can redirect the time and energy typically spent understanding new laws toward a holistic look at your tax situation and plan for the future; you might just identify tax-saving strategies that were previously unnoticed. Second, you can devote that extra time to learning more about the new rules that did go into effect this year. You may find that, even in a relatively quiet tax year, one or two “minor” changes can make a significant difference in the amount of taxes you pay.
We hope this tax digest provides a starting point for you to consider your specific tax situation and what you might do to better understand and improve it. If some of the strategies sound like they may be a good fit, please call your Plante Moran tax advisor to further discuss how we can help you take advantage of these year-end planning opportunities. And if you’d like a more thorough discussion of year-end planning, check out our comprehensive year-end guide
or one of our year-end tax webinars