3 midyear tax planning strategies for individuals

Posted by Kim Chen on October 23rd, 2017

Here are three tax strategies for individuals that can be more effective if you begin executing them midyear: 1) Take steps to stay out of a higher tax bracket, such as deferring income and accelerating deductible expenses or shifting income to family members in lower tax brackets. 2) Sell depreciated investments to generate losses to offset gains you’ve realized this year. 3) Try to bunch medical expenses into every other year to exceed the adjusted gross income floor for deductibility. Contact us for the ins and outs of these and other midyear strategies.