Thursday, November 17, 2016
In light of Donald Trump’s election and his pre-election tax platform, you should consider several tax planning strategies as part of your year-end planning. McManus & Associates have listed the ten items below to complete before the end of 2016.
- Accelerate your income tax deductions.
- Postpone receipt of income.
- Do not buy any capital assets this year.
- Make gifts to charities and family foundations with appreciated assets.
- Harvest losses to offset capital gains.
- Establish and fund qualified plans.
- Identify assets and amounts to make proper GRAT distributions before April 17, 2017.
- Make annual exclusion gifts to chosen loved ones of $28,000 (per married couple).
- Make distributions of income from trust accounts and estate accounts to lower the income tax liability.
- Host annual meetings for your family office, partnerships and foundations.
See Top 10 Tax Planning Tasks to Complete Before the End of 2016 in Light of President-Elect Trump’s Proposals, McManus & Associates, November 16, 2016.
Special thanks to Lauren DuBois (Media Inquiries, McManus & Associates) for bringing this article to my attention.