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Tax Planning for 2017 and 2018 is Now

The year is coming to a close and tax planning for 2017 and 2018 is in full swing.  It’s a good time to be considering the strategies which help you to lower your tax bill for 2017 and anticipate the best strategies to position you for the new year.  Congress is wrestling with tax reform as we speak.  Until a final bill is agreed upon and passed, we work with existing tax laws and insight into the legislative process to position our clients for success.

Allen Barron integrates tax expertise with estate planning, legal, accounting and business advisory services leveraging economies of scale for our clients while providing a deeper more insightful insight into our client’s international and domestic tax planning.

Higher wage earners and those with pass-through entities must consider the 3.8% surtax on specific unearned income.  This represents the lesser of Net Investment Income (NII) or a modified adjusted gross income above $250,000 for joint filers, $125,000 for those who are married and filing separately and $200,000 for most others.  Minimizing or eliminating altogether the 3.8% surtax will depend upon strategies to reduce NII and modified adjusted gross income for 2017 and 2018.

Have you retained enough for Medicare taxes?  Are there year-end stock trades which could improve your tax position or the basis related to your position?  What opportunities exist for postponing income into 2018 in order to reduce taxes for 2017?  Or would it be better for you to accelerate income into 2017 to achieve the lowest possible tax exposure?  What deductions, tax breaks and other credits may not be available next year which could affect these decisions?

What is your strategy for retirement and IRA’s?  Can deductible expenses be placed on a credit card to capture the advantage for 2017 while deferring the actual expenditure into 2018?  Tax planning for 2017 and 2018 requires extensive tax, legal and estate planning skill.  Allen Barron uniquely combines these disciplines to provide the right answers to your questions while providing the sound advice and counsel which will reduce your tax exposure and maximize income retention.  We invite you to contact us or call 866-631-3470 for a free consultation.