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Year-end Tax Planning for Families

Retirement accounts can be funded through April 18 - most everything else needs to close before the new year

There is very little a taxpayer can do to change their estimated tax liability once the calendar year closes. While little happened in the way of tax legislation in 2016, some beneficial tax provisions will expire this year (explained in greater detail, below). You may benefit from these and other tax breaks by using certain strategies to minimize your federal tax liability. A year-end review of your tax affairs may therefore uncover tax planning opportunities.