Happy Holidays!

With the end of 2016 fast approaching us, we wanted to reach out and provide some last minute tax strategies so as to help with your 2016 income taxes. It is possible with the new administration and congress that tax rates could be significantly lower next year and some deductions may fall off. No one knows for certain. Our advice is to accelerate deductions and postpone income where ever possible. The following are some items you might consider paying prior to the end of 2016, so as to provide yourself a much needed tax benefit.

Individuals

  • 2016 Estimated State Tax Payments (if needed)
  • AZ State Tax Credits Click Here
  • Professional Fees (i.e. Legal Fees, Tax Preparation Fees, etc.)
  • Charitable contributions
  • Postpone capital gains and harvest capital losses

Businesses

  •  2016 Estimated State Tax Payments (if needed)
  •  Any equipment you need for your business (even credit purchases qualify)
  •  Rent
  •  Professional Fees (i.e. Legal Fees, Accounting Fees, Tax Preparation Fees, etc.)
  •  Insurance

If for any reason you should have any questions at all concerning the above items, contact your CPA, we will be glad to help.
Finally, from all of us here at Price Kong CPAs, we wish you the safest and happiest of holidays!