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Defer Expenses or Do Not Defer?
A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer (and in some cases permanently reduce) tax. But there are exceptions. One is if the additional deductions this year trigger the alternative minimum tax (AMT). Complicating matters for 2017 is possible tax reform that could repeal the AMT for 2018 and beyond but also limit the benefit of some deductions and eliminate others, making it less desirable to defer expenses to 2018. We can help you determine the best strategies for your situation.
When is it Safe to Toss Tax Records?
Do you know what individual income tax records are safe to toss? You need to hold on to your 2016 records for now, but it’s a great time to see what records for previous tax years you can purge. At minimum, keep records for as long as the IRS can audit your return or assess additional taxes, generally three years after filing. So you may be able to shred and toss (or electronically purge) most records related to returns for 2013 and earlier. But hang on to certain records longer, such as tax returns themselves, W-2 forms and real estate or investment records.
