Although we are hoping for tax simplification from Donald Trump and the Republicans this year (and hope it may be effective retroactive to January 1, 2017), the tax rules for 2016 are already set. You are most likely already receiving your W-2’s, 1099’s, K-1’s and other tax information that you need to compile for your CPA or for yourself if you do your own taxes. This can be confusing, frustrating and can be quite a challenge!
While more than 15 major pieces of tax legislation have been enacted into law since 2000, the current tax planning environment has been heavily shaped by the American Taxpayer Relief Act of 2012, passed in January 2013, and the Protecting Americans from Tax Hikes (PATH) Act of 2015, passed late last year.
For now, these legislative acts made permanent a number of significant tax provisions that had previously existed only in temporary form, and introduced new rates and limitations that target high-income individuals. But while a host of popular tax benefits commonly referred to as “tax extenders” are now permanent fixtures in the tax code, others were simply extended, some only through the 2016 tax year. As a result, 2016 tax planning takes place in a relatively stable tax environment, with some small degree of uncertainty regarding the potential availability of specific provisions heading into the 2017 tax year.
At Avidian Wealth, we strive to give you good information so that you can make prudent tax and financial planning decisions. With that in mind, please click on the following link to read some thoughts on Tax Planning for the 2016 Tax Year.
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