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While many people are preparing for the holidays, it’s very easy to lose sight of 2016 being right around the corner. Now is the perfect time to consult with your tax attorney to create your own year-end tax strategy. Schwartz, Fang and Keating, P.C., Long Island’s leading lawyers have over 30 years experience in probate and estate tax.

Our law services include estate planning, estate administration, probate, corporate business formation/planning, will drafting and trust drafting. This week we’ll be providing tax strategy tips to better help you prepare for 2016.

Often times people delay their tax planning until after the new year, but by being proactive you could be saving more come April 15th. Tax reform is an ongoing process, as Congress is constantly making changes. In utilizing a professional tax attorney, you will be able to stay abreast of these changes to maximize your bottom line.

Our Long Island Lawyers have compiled top tips for creating your year end tax strategy;

• Project your gross income for the year. Your gross income is your total income before taxes or deductions are taken into account. Estimating your income will help you determine what your tax burden will be before the end of the year.
• Begin gathering documents. It is critical to provide the appropriate documentation to support your reporting. This includes any charitable donations you may have made throughout the year.
• Accelerate your deductions. Some of your deductions for next year can be applied to your gross income for this year. You can further minimize your tax responsibilities by deducting your property tax bill for next year, medical expenses, and some work related expenses. Work with a tax professional to see if you qualify for applied deductions.
• Project itemized deductions. By claiming itemized tax deductions, you can help reduce your tax liability, but there is a limit to the amount of itemized deductions you can take depending on your income level. Working with a tax professional and our Long Island attorneys will help you get the most out of your allowed deductions.

Being organized is the key to staying up to date with your financial position and will make your year-end tax planning much easier. Every state is unique, and we encourage you to reach out to your tax advisor to ensure that you are taking advantage of all year-end tax saving opportunities to optimize your return and minimize your liability.