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2016 Year-End Tax Planning For Individuals

Your 2016 year-end tax planning begins with a projection of your estimated income, deductions, and tax liability for 2016 and 2017. You should review actual amounts from 2015 to assist you with these projections. To the extent you can control the timing of income and deductions between 2016 and 2017, you should make decisions that will result in the lowest overall tax for both years. If shifting income and deductions between 2016 and 2017 does not reduce your overall tax liability, you should try to defer as much tax liability as possible from 2016 to 2017.

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