Conference Call: Top 10 Tax Planning Tasks to Complete before the End of 2016 in Light of President-Elect Trump’s Proposals

In light of Donald Trump’s election and his pre-election platform to reduce marginal income tax rates, there are several planning strategies that should be considered as part of your year-end planning. Today, McManus & Associates Founding Principal John O. McManus held a conference call with clients to discuss the 10 items listed below.

LISTEN HERE: “Top 10 Tax Planning Tasks to Complete before the End of 2016 in Light of President-Elect Trump’s Proposals”

Top 10 Tax Planning Tasks 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.

For trusted advice on year-end giving and tax strategies, call McManus & Associates at 908-898-0100.

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