Tax Tasks to Complete Before the End of 2016 in Light of Trump’s Election

In light of Donald Trump’s election and his pre-election tax platform, you should consider several tax planning strategies as part of your year-end planning. McManus & Associates have listed the ten items below to complete before the end of 2016.

1. Accelerate your income tax deductions.
2. Postpone receipt of income.
3. Do not buy any capital assets this year.
4. Make gifts to charities and family foundations with appreciated assets.
5. Harvest losses to offset capital gains.
6. Establish and fund qualified plans.
7. Identify assets and amounts to make proper GRAT distributions before April 17, 2017.
8. Make annual exclusion gifts to chosen loved ones of $28,000 (per married couple).
9. Make distributions of income from trust accounts and estate accounts to lower the income tax liability.
10. Host annual meetings for your family office, partnerships and foundations.

 See Top 10 Tax Planning Tasks to Complete Before the End of 2016 in Light of President-Elect Trump’s Proposals, McManus & Associates, November 16, 2016.

Special thanks to Lauren DuBois (Media Inquiries, McManus & Associates) for bringing this article to my attention.