Get Ready for Year-end Tax Planning

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Oct 01, 2016

October 17 is the final extended deadline for filing your 2015 federal individual income tax return. Before you set aside last year's paperwork, give some thought to what you can do to reduce this year's bill.

Even though December 31 is still three months away, some tax strategies take time to implement. For example, if you are close to the threshold for deducting medical expenses, you may want to schedule routine doctor visits before December 31.

Another consideration is the balance in your health flexible spending account. Does your employer provide a grace period or the option to carryover up to $500 of your account balance? If not, you will want to make sure you spend the money on legitimate health care items before year-end. Otherwise you forfeit what's left in your account.

Look for more year-end tax planning ideas in our November newsletter!