​Day 10 of Grant Thortons Top 10 Year-End Tax Planning Tips you shouldn't ignore.

Make Up a Tax Shortfall with Increased Withholding

Don’t forget that certain kinds of taxes are due throughout the year. Check your withholding and estimated tax payments now while you have time to fix a problem. If you’re in danger of an underpayment penalty, try to make up the shortfall by increasing withholding on your salary or bonuses. A bigger estimated tax payment can leave you exposed to penalties for previous quarters, while withholding is considered to have been paid ratably throughout the year.

​Day 9 of Grant Thorntons Top 10 Year-End Tax Planning Tips you shouldn't ignore.

Bunch Itemized DeductionsMany expenses can be deducted only if they exceed a certain percentage of your adjusted gross income (AGI). Bunching itemized deductible expenses into one year can help you exceed these AGI floors. Consider scheduling your costly non-urgent medical procedures in a single year to exceed the 10 percent AGI floor for medical expenses (7.5 percent for taxpayers age 65 and older). This may mean moving a procedure into this year or postponing it until next year. To exceed the 2 percent AGI floor for miscellaneous expenses, bunch professional fees like legal advice and tax planning, as well as unreimbursed business expenses such as travel and vehicle costs.

​Day 8 of Grant Thorntons Top 10 Year-End Tax Planning Tips you shouldn't ignore.

Manage Your Gains and Losses

Capital gains and losses present excellent opportunities for deferral because you have nearly complete control over when you sell them, but be careful when harvesting losses. You generally cannot use capital losses against other kinds of income, and if you buy the same security within 30 days before or after you sell it, you cannot use the loss under the wash sale rules.

​Summerville DREAM is on a mission to ‪#‎FeedTheVille‬ this holiday season Support Help of Summerville and the Dorchester Senior Center Holiday Basket program by dropping off non-perishable food items to any of the
followin | Bubbie's Bakery | Community Christian Bookstore | Dorchester Museum | Etc. | Maggie Rose | Four Green Fields | East Winds | Lowcountry Olive Oil Accepting donations through Thursday, November 19th

​Day 7 of Grant Thorntons Top 10 Year-End Tax Planning Tips you shouldn't ignore.

Accelerate Deductions and Defer Income

Why pay tax now when you could pay later? The time value of money can make deferring tax almost as valuable as escaping it. Generally, you want to accelerate deductions and defer income. There are plenty of income items and expenses you may be able to control. Consider deferring bonuses, consulting income or self-employment income. On the deduction side, you may be able to accelerate state and local income taxes, interest payments and real estate taxes.

​Day 6 of Grant Thorntons Top 10 Year-End Tax Planning Tips you shouldn't ignore.
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​Take a Closer Look at Your State Residency Status

For individuals who split their time in two different states throughout the year, now is an excellent time to consider where you may be taxed as a resident for 2015. To make it more likely that the high-tax jurisdiction will respect the move and not continue to tax you as a resident, you should track the number of days you are spending in each jurisdiction. Generally, if you reside in a state for 183 days or more, that state will assert residency and the ability to tax all of your income. Furthermore, if you move to a new state but you maintain significant contacts with the old state (including driver’s license, residences, bank accounts and the like), you could run the risk of being taxed as a resident in the old state.

​ALERT: Be on the lookout for phishing emails that appear to be from Intuit regarding your QuickBooks account. This is an actual email that was sent to one of our clients.

Day 4 of Grant Thorntons Top 10 Year-End Tax Planning Tips you shouldn't ignore.

Get Your Charitable House in Order

​If you plan on giving to charity before the end of the year, remember that a cash contribution must be documented in order to be deductible. If you claim a charitable deduction of more than $500 in donated property, you must attach Form 8283. If you are claiming a deduction of $250 or more for a car donation, you will need a written acknowledgement from the charity that includes a description of the car. Remember, you cannot deduct donations to individuals, social clubs, political groups or foreign organizations.