Though it may seem like summer has just ended, the year is coming to a close quickly, and it is never to early to begin year-end tax planning. One of the best ways to set yourself up for positive gains in the future is to begin strategizing now and take into consideration any changes you may need to make. Below are three personal tactics that may assist in your year-end preparations:

1. Assemble your information.

All good strategies start with good data and year-end tax prep is no different. Consider your year-to-date income and deductions, assess your income and deductions for the remainder of the year, and evaluate how the remaining months may impact you overall. Not only will you be more prepared for tax season come next spring, but you may also be able to implement personal planning that effectively lowers your overall tax bill for the year.

2. Review any personal changes.

A variety of factors must be considered that would affect year-end planning, including a change in investment (both successes and downturns), a change in employment, a change in marital status (marriage or divorce), and a change in family status (adoption or birth). Any time your “season of life” shifts, your tax status may look entirely different from years past, which is certainly a major consideration to make in year-end planning.

3. Examine legislative, judicial and other national developments.

Rarely does a year pass without changes or addendums to tax laws, many of which may be pertinent to you and should be assessed in your 2016 year-end planning. Below are several developments in 2016 that may affect your planning:

• The definition of marriage as covered by a new IRS guideline (https://www.irs.gov/pub/irs-drop/rr-13-17.pdf)
• Revisions under the Affordable Care Act in relation to individual and employer responsibility (http://www.benefitspro.com/2016/07/01/aca-in-2016-10-changes-to-the-affordable-care-act)
• Recent Treasury Department regulations and their subsequent impact (https://www.treasury.gov/connect/blog/Pages/Treasury-Issues-Proposed-Regulations-to-Close-Estate-and-Gift-Tax-Loophole.aspx)
• Increased IRS attention to “sharing economy” participants’ liability and responsibility (https://www.irs.gov/pub/tas/nta_written_testimony_the_sharing_economy_5_26_2016.pdf)
• Changes to the “repair regulations,” particularly a de minimis safe harbor election (https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations)
• The PATH Act (http://waysandmeans.house.gov/wp-content/uploads/2015/12/SECTION-BY-SECTION-SUMMARY-OF-THE-PROPOSED-PATH-ACT.pdf)

Researching these various developments and considering how they could affect your personal tax statement in 2016, and possibly years to come, will only benefit your financial future.

Organization is key when it comes to year-end tax planning. Take the time before December 2016 has officially come to a close to fully assemble, review and examine all of your tax elements. Rather than having a “New Year’s Resolution,” consider a “Year-End Resolution” of a fully strategized tax plan and a stronger financial outlook for 2017.

If you have any questions about assembling, reviewing or examining your tax-related materials, please contact me or your representative at Brammer & Yeend Certified Public Accountants. Your family is our priority.