As we begin to usher in fall, year-end tax planning will become a hot topic for many individuals. Whether it’s the closely held business owner or a high net worth individual, income taxes represent a significant outflow for our clients. With top rates of 39.6% on ordinary income, 20% for long term capital gains plus a 3.8% Net Investment Income Tax (NIIT), our tax environment requires us to find favorable opportunities that generate tax savings for clients.
If not already addressed on a regular basis, year-end planning is the last chance to evaluate opportunities before the year comes to a close. As conversations begin to shift towards year-end planning, click here to read more suggestions to assist in your planning. Also, make sure to touch base with your Crosslin tax professional to put your plan into action. We look forward to working with you!