At this time of year, many people are starting to get ready for the holiday season. Often, the holidays can be a time of excitement and joy. There is a “hustle and bustle” to the season, as well as an opportunity for reflection.
As you reflect, it may be a good time to think about the financial goals that you accomplished in 2016, and those which you’d like to establish for 2017.
To support you with year-end tax planning and prepare for the year ahead, refer to KPMG LLP (KPMG) 2017 Personal Tax Planning Guide. The guide covers tips related to individual income tax planning, investment-related tax issues, charitable tax planning, family matters, retirement planning, transfer tax and business planning in a style that is easy to understand and implement,
For example…
- If you are interested in efficiently managing retirement assets while also contributing to charity, consider some of the planning tips outlined in Chapter 5, which focus on planning for IRAs, qualified and non-qualified plans, deferred compensation, and minimum required distributions.
- If you are interested in calculating your projected income tax obligations or refunds, consider using the tax rates and planning tips shown in Chapter 1.
- Are you charitably inclined? Consider the techniques and planning tips of using cash or property and donating to public charities and private foundations, presented in Chapter 3.
- The financial success of the business owner is often directly tied to the financial success and tax efficiency of the business. Consider the myriad of planning tips in Chapter 7 – from forming the business to establishing the right compensation and retirement packages, to maximizing after tax returns, and utilizing the preferable methods of accounting, depreciation, and tax attributes.
- Are you planning for the next generation and succession planning? If so, consider the transfer tax planning tips of Chapter 6, which include efficient transfer techniques and the establishment of appropriate trusts.
We wish you the best for an enjoyable holiday season. If you have the time to reflect on this year’s accomplishments and begin your planning for next year, we hope that you find our
2017 Personal Tax Planning Guide to be helpful in these pursuits.
Scot R. Guempel and William M. Jackson are Partners and Tax Co-Leaders, Closely Held Businesses & Owners Network at KPMG LLP.
KPMG's individual tax services may only be provided to owners and senior executives of private business clients of the firm or in connection with global mobility services or bank trust outsourcing services.