Are you staring at a big income tax bill for 2016 because you had a great year, or are you looking at a refund because this year was lousy? Depending on the year you had, here are some savvy ways to get the most out of your taxes -- provided you take action at the right time. Year-end is an excellent time for taking some simple steps to reduce your taxable income. If your income was strong this year and you can use every possible deduction, take these steps by December 31. If you had a less-than-stellar year, your goal is to push as many expenses as possible to January 1, 2017. (Caveat: Always check with your tax professional to determine the best course of action in your specific case.) In each of the scenarios below, if you anticipate that your 2017 will not be as good as your 2016, take the steps to complete these items by December 31, 2016. If you anticipate 2017 will be better than 2016, push your deductions into the New Year. 1. Property taxes In some st...
- If you anticipate that your 2017 will not be as good as your 2016, add as many deductions to this year's bill as you can by December 31, 2016.
- If you anticipate 2017 will be better than 2016, push your deductions into the New Year.
Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel