2017 Year-End Planning

Have you done all you can to minimize your 2017 tax bill?

Executive Summary

We recognize you may not have had time to address your tax and financial planning goals as early as you would have liked. The good news is it’s not too late to take action.

Key Points

  • Strategies to reduce income taxes - There are a number of opportunities to act prior to the end of the year to reduce income taxes. Consider harvesting tax losses to offset capital gains and paying your state, local, and real estate taxes by December 31.
  • Wealth transfer opportunities - There is still time to make gifts to family that qualify for the annual gift tax exclusion. Gifts to certain trusts may qualify for the annual exclusion as well. You may also want to consider making trust distributions to shift taxable income to beneficiaries in a lower tax bracket.
  • Year-end charitable giving - If you have the desire to support charitable causes, making charitable contributions prior to the end of the year may provide tax benefits. Gifting appreciated securities may enhance those tax benefits.
  • Reducing exposure to other taxes - There are year-end strategies for reducing the 3.8% net investment income tax and the 0.9% Medicare surtax on wages. In addition, now is a good time to verify if you have taken the required minimum distributions from your retirement accounts to avoid excise taxes.


As we approach the end of 2017, and the President and Congress engage in negotiating changes to the U.S. tax code, there are still a number of year-end strategies that may lower your tax liability and help to accomplish your financial and estate planning goals.


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2017 Year End Planning

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