Last Chance to Save — Important Year-End Tax Moves
Posted on Dec. 1, 2016
With year-end just around the corner, there are numerous steps you can take to improve your tax situation for 2016 for both individuals and businesses. From maximizing Education Tax Credits to Roth IRA Conversions and maximizing your Health Savings Account contributions, all are actions you are likely to benefit from.
Michael Wastvedt, Managing Partner at Wastvedt & Co. CPA firm in Del Mar, points out that if a client has been waiting to purchase a business asset, they might advise the client to “accelerate the purchase” and place that asset into service before December 31. “There is a tremendous amount we can do in the last 30 days of the year, way more than many owners think,” he says. “Owners are then less likely to get surprised when completing their tax return.“
With an average of one tax law change a day since 2001, it’s nearly impossible for an individual or business to stay on top of the changes. Wastvedt states that many changes in the tax laws this year make it smart to take time now to review and estimate the taxes owed for 2016. Changes this year include rising Obamacare penalties to higher earned income tax credits and estate tax exemption increases. He advises small business owners and individuals to do this while there is still time to make adjustments that can decrease their tax liability.
For a detailed list of 9 Important Tax Saving Moves, click here.
Wastvedt & Co., a San Diego CPA firm located in Carmel Valley in Del Mar concentrates on the reduction of both income and estate tax. The firm provides a full range of tax planning, tax preparation, accounting, and bookkeeping services for both individuals and businesses, ranging from start up companies to high net worth individuals. Wastvedt & Co. is trusted advisor and consultant, helping companies and individuals structure their financial affairs to their maximum benefit. wastvedtco.com