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Philip L. Liberatore, CPA Blog

2016 Year End Client Letter

Dear Clients and Friends, So far, 2016 has been a quiet year in terms of new tax legislation. The most recent major change took place last December, with the passage of the Protecting Americans from Tax Hikes Act of 2015 (PATH). Many of the provisions in that law remain in effect until the end of 2016 and beyond. Practically speaking, while tax reform continues to be a talking point in Congress and in...

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Create a tax-saving plan to reduce your 2016 tax bill

Create a tax-saving plan to reduce your 2016 tax bill Contrary to what you may have heard, there is one sure way to reduce your tax bill: Create a tax-saving plan. And here's more good news — you still have time to establish and implement your plan before the end of the year. Consider these suggestions as you put your plan together. Participating in a retirement plan is a tax deferral strategy with a double...

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Proposed rules make estate planning an important part of your year-end review

Proposed rules make estate planning an important part of your year-end review Is your estate plan up-to-date? A year-end review as part of your overall tax planning is a good idea, especially in light of recently issued proposed rules that will make significant changes to certain estate planning techniques. Here's what you need to know. What's changing. The new rules will limit the "valuation discounts" created...

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2016 tax rules – a quick review

Income tax rates Range from 10% to 35% unless taxable income exceeds $415,050 for singles or $466,950 for married couples. Rate on income above those amounts is 39.6%. Estate & gift tax Annual tax-free gifts allowed with $14,000 per gift limit. Estate tax exemption of $5,450,000 for 2016 with 40% top tax rate. Breaks now permanent — 1) optional deduction for state and local sales tax in...

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Keep up with Affordable Care Act information reporting

As 2017 approaches, turning your attention to your reporting requirements under the health care law can prevent a beginning-of-the-year rush to gather information. Need additional incentive? Consider this: Though the IRS offered extended deadlines and relief from filing penalties last year, those breaks will likely not apply to this year's returns. Here's what to think about as you prepare for the upcoming filing...

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Wrap up tax benefits for year-end charitable gifts

Are you contemplating gifts to charity at the end of this year? Not only do you help out a worthy cause, you can also reduce your 2016 tax bill if you itemize your deductions. Here's how to make sure you'll get the full benefit. The general rule Generally, you can deduct the full amount of contributions you make to a qualified charitable organization, up to 50% of your adjusted gross income for the year. Did you...

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