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Virginia Beach Estate Planning Lawyer / Blog / Tax Planning / Tax Planning Tips to Remember as You Approach the End of the Year

Tax Planning Tips to Remember as You Approach the End of the Year

An uncertain legislative and tax environment should be prompting you to analyze all tax opportunities as you look forward to 2018. There are several different things you can incorporate into your planning considerations for 2017 as an individual. These include:

  • Deferring income and accelerating deductions if you can.
  • Using itemized deductions before they disappear.
  • Leveraging local and state sales tax deductions.
  • Considering making charitable donations now.
  • Getting your charitable house in order.
  • Use increased withholding to make up a tax shortfall.
  • Leveraging your retirement account tax savings.
  • Documenting business activities.
  • Treading carefully with estate planning and scheduling a consultation with a lawyer to review your existing estate plan.
  • Evaluating your state residency status when you split your home between two places.

All of these steps are important and can provide you with further information about

mistakes you could be making that could compromise your ability to be successful with both your taxes and your retirement planning. Incorporating long term care planning, legacy planning, and tax planning all together gives you greater peace of mind for the future.

Ready to choose a plan that works for you? Estate planning is a very personal process and one that might change over time as your family structure and needs evolve. Take the time to meet with your estate planning attorney at least annually to review what’s no longer working for you and how you can plan for yourself and your loved ones.

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