Federal Tax Planning Strategies for Individuals and Small Businesses
Federal Tax Planning Strategies for Individuals and Small Businesses By: Warren M. Bergstein, CPA, AEP Published Date: Jan 1, 2017 Every year, to minimize their overall liability, taxpayers should start giving consideration to moves that may either lower their current year tax bill or equalize their tax liability over a two-year period. Some of the ideas presented below are traditional planning suggestions involving timing of income, deductions, and other payments qualifying for tax credits. But consider also the Alternative Minimum Tax and proposed changes that the new Trump Administration may enact. As a result of the Protecting American from Tax Hikes, Act (PATH)—hereafter referred to as “the Act”—the individual marginal…