Wrapping Up 2016

The end of the calendar year tends to be a hectic time. It’s filled with holiday celebrations, travel, and winter preparation. It’s important to set aside some time to look at your tax position for the year before it comes to a close. There are only a few weeks left to make an impact on your tax bill for 2016.

 

Here are some ways to do that:

  • Make additional charitable contributions
  • Pay your winter property tax bill in December
  • Squeeze in any last minute doctor appointments and procedures
  • Contribute to your 401(k) or IRA
  • Check your Flex Plan balance
  • Take a look at your portfolio to see if a capital gain or loss would be beneficial
  • Consider a Roth IRA conversion
  • Review your withholdings
  • Invest in furniture or equipment for your business
  • Reward your employees with bonuses

 

It is important to keep in mind that if your income is consistent year-to-year it may not be best to make major changes. However, if your income fluctuates you will want your deductions to fluctuate accordingly.