Last December, many valuable tax breaks were made permanent by the
Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). As a result,
tax planning in 2016 is a little easier than it has been in recent years.
But there are some tax breaks that the PATH Act only temporarily extended,
in many cases only through Dec. 31, 2016. And, even though many tax law
provisions are now “permanent,” this simply means that they don’t have
expiration dates. With tax reform still on Congress’s agenda and a new
President entering the White House in 2017, some major changes could be
on the horizon.
So in your 2016 planning, don’t count on the tax regime remaining the same
indefinitely. In other words, the only certainty in tax planning is uncertainty.
What does this all mean? Tax planning in 2016 is as important as ever. This
guide provides an overview of some key tax provisions you need to be aware
of and offers a variety of strategies for minimizing your taxes. But there isn’t
space to touch on all of the available tax-savings opportunities. So please
contact your Plante Moran tax advisor to learn exactly which strategies will
work best for you.
Year-To-Date Review 2
Executive Compensation 8
Real Estate 17
Business Ownership 20
Charitable Giving 23
Family & Education 26
Estate Planning 32
2016 Year-End Tax Guide.
THE ONLY CERTAINTY IS UNCERTAINTY