Quick List of Smart Tax Moves for 2016 and Beyond!

Even though “tax season” is behind us, there are still plenty of steps you should consider in 2016 and beyond to protect your tax interests. With this in mind, we’ve come up with an important list of smart tax moves you can make in 2016… and beyond!

  • Periodically review your portfolio, or have a professional do it for you. There is no such thing as an “always-gaining” stock, and there are certainly ways you can both save money and earn dividends without compromising your tax status.
  • Avoid buying mutual funds at the end of the year. If you plan to purchase mutual funds, aim for purchasing during the first quarter of any year.
  • Give to charity in goods, services, and money. The more you give to charity, the more you can claim as a tax refund.
  • When you give money to family, you don’t necessarily have to “claim” it on your taxes; as long as you keep the number under $14,000 per year. If you are married, that number applies to both yourself and your spouse, meaning you can give almost $30,000 a year to each of your family members without worrying about tax penalty.
  • Though each retirement case is different, if your needs warrant it, you can consider converting your regular IRA to a Roth IRA. Talk to your tax professional or attorney to make sure that this is the right legal and financial move for you.

For more tips and advice, or information about us and our services, don’t hesitate to contact us today.