2016 Tax Planning

Year-end tax planning is rarely fun, but we’re glad not to have a repeat of the Fiscal Cliff and government shutdown dramas that marred the end of other years.  2013 and 2014 ushered in major changes in the tax code in the form of the American Taxpayer Relief Act of 2012 (ATRA), which ended the Fiscal Cliff standoff, and the Affordable Care Act (ACA), which went into effect in 2014 for most taxpayers.  While these two laws did not significantly affect most Americans, wealthy taxpayers saw an increase in their marginal income and capital gains taxes, as well as two new Medicare taxes.

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