Preparing your 2016 tax return may feel a lot like filing last year’s did, because there are very few changes in the rules. But you’re completing this annual chore against a backdrop of uncertainty, as President Donald Trump and congressional Republicans contemplate a sweeping overhaul of U.S. tax laws.
How to proceed?
Keep an eye on the doings in Washington, of course. (See a list of the most likely changes ahead.) But as you prepare for the tax deadline (which is April 18, not April 15, this year) focus first and foremost on what you can do today to trim your tax bill for 2016. “There are still plenty of last-minute moves people can make,” says Lisa Greene-Lewis, a CPA with TurboTax. And get a head start on 2017 planning while you’re at it.
The key is to home in on the special breaks for people in your particular situation—whether you are, say, building a nest egg or paying for college or celebrating a joyous event like a marriage or birth. The 33 moves that follow, organized for people in various circumstances and life stages, will help you keep more money in your pocket and away from your state and Uncle Sam. Read full article>>