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Year-End Reminders!

Posted by Admin Posted on Dec 19 2016

 As the year rapidly comes to a close there still might be some end of the year actions you can take in order to soften your 2016 tax bill.  For business owners, making the needed purchase of an asset, and/or making bonus and/or retirement plan payments are useful income tax savings maneuvers.  For individuals, there’s still some time to maximize your retirement plan contributions through payroll.  It’s also worth considering making year end donations, or paying for medical expenses if you believe you’ll be able to “bunch” them into the current year and benefit from taking them as itemized deductions.  One type of deduction that is often missed is that for the use of your vehicle, whether for business or personal use.  For the 2017 calendar year, the standard mileage rates have been announced by the IRS; for business related vehicle use its 53.5 cents per mile, for charitable vehicle use its 14 cents per mile, and for medical vehicle use its 17 cents per mile.  Please contact us if you have any questions or need our assistance in making some last minute maneuvers over the next couple of weeks, and certainly let us know if you’d like our help in determining your 2016 projected income tax liability. Mike and