2017 Federal Income Tax Planning

The Tax Planning Environment in 2017 While we're likely to see tax reform legislation, the specifics, scope, and timing of the changes will likely take some time to unfold. More Details Income Tax Fundamentals Let's start with some basic federal income tax concepts, including gross income and taxable income. How do deductions fit in? What about choosing a filing status? What's a marginal tax rate? More Details 2017 Federal Income Tax Rates for Individuals How much federal income tax are you liable for? Federal income tax rate schedules for individuals allow you to determine your federal income tax by looking up your taxable income and filing status. More Details Deductions Personal deduction planning is one aspect of tax planning. Here, your goals are to utilize deductions in the most efficient manner and to take all deductions to which you're entitled. More Details Tax Credits A tax credit results in a dollar-for-dollar reduction of your tax liability. In some cases, if your tax credits exceed your tax liability, you will be able to claim the difference as a refund. More Details Investment Tax Basics You should understand the difference between ordinary income and capital gain. Special tax rates apply to long-term capital gain and qualified dividends. There's a lot to think about, including a 3.8% net investment income tax that may apply. More Details Understanding the Alternative Minimum Tax (AMT) The alternative minimum tax (AMT) is a significant factor for many when it comes to tax planning. You should understand when it applies, and how it could affect you. More Details