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2017 Year-End Planning
Have you done all you can to minimize your 2017 tax bill?
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.
- 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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The PNC Financial Services Group, Inc. (“PNC”) uses the marketing name PNC Center for Financial InsightSM to provide wealth planning education to individual clients through its subsidiary, PNC Bank, National Association (“PNC Bank”), which is a Member FDIC. Securities products, brokerage services, and managed account advisory services are offered by PNC Investments LLC, a registered broker-dealer and a registered investment adviser and member of FINRA and SIPC. Insurance products may be provided through PNC Insurance Services, LLC, a licensed insurance agency affiliate of PNC, or through licensed insurance agencies that are not affiliated with PNC; in either case a licensed insurance affiliate may receive compensation if you choose to purchase insurance through these programs. A decision to purchase insurance will not affect the cost or availability of other products or services from PNC or its affiliates. PNC does not provide legal, tax, or accounting advice unless, with respect to tax advice, PNC Bank has entered into a written tax services agreement. PNC does not provide services in any jurisdiction in which it is not authorized to conduct business. PNC Bank is not registered as a municipal advisor under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”). Investment management and related products and services provided to a “municipal entity” or “obligated person” regarding “proceeds of municipal securities” (as such terms are defined in the Act) will be provided by PNC Capital Advisors, LLC, a wholly-owned subsidiary of PNC Bank and SEC registered investment adviser.
“PNC Center for Financial Insight” is a service mark of The PNC Financial Services Group, Inc.
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