New Thomson Reuters Report Highlights Year-End Moves to Help Businesses and Individuals Lower Tax Liability

New York - 18 November 2016

The latest Thomson Reuters Checkpoint report provides tax planning tips to help individuals and businesses reduce taxes for 2016 and beyond. Factors that compound the planning challenge this year include political and economic uncertainty, and Congress's failure to act on a number of important tax breaks that will expire at the end of 2016.

The report provides an in-depth analysis of a variety of tax scenarios and approaches for individuals and businesses that could potentially lower their 2016 tax bills. It coversusing a de minimis safe harbor election to expense qualifying business assets; taking advantage of the generous Code Sec. 179 expensing limit and 50% first-year bonus depreciation; year-end moves to reduce or eliminate the 3.8% surtax on net investment income; making the best tax use of stock market losses; converting traditional IRAs to Roth IRAs; and IRA recharacterization and reconversion strategies.

“Year-end tax planning doesn’t occur in a vacuum. Year-end is an opportune time to reconsider conventional tax moves in favor of those that reflect the current economic climate,” said Thomas Long, senior tax analyst with the Thomson Reuters Tax & Accounting business and one of the authors of the report. “However, planning must take into account each taxpayer’s particular situation and planning goals with the aim of legally minimizing taxes to the greatest extent possible.”

The report highlights some of the concerns facing higher-earning individuals and married couples filing jointly or separately. The report also provides checklists of actions that can cut taxes for businesses and individuals.

Thomson Reuters Checkpoint tackles market disruption through integrated research, editorial insight, productivity tools, online learning and news updates along with intelligent links to related content and software. It is relied on by hundreds of thousands of tax and accounting professionals, and counts among its customers 97 of the Top 100 U.S. law firms, 99 of the Fortune 100 companies, and all of the top 100 U.S. CPA firms.

Thomson Reuters is the world’s leading source of news and information for professional markets. Our customers rely on us to deliver the intelligence, technology and expertise they need to find trusted answers. The business has operated in more than 100 countries for more than 100 years. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI).

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