The 2015 year is over and now comes time to report taxes. Please download our 2015 tax guide for reference when reviewing your 2015 tax information.
As we look into 2016, there is a lot happening. The best way to keep mitigate your tax risk for 2016 and beyond, is keeping in close contact with your CPA. One of the comments we get most often, is "How do I reduce my tax liability from last year? What deductions can we take?" Unfortunately, that is a question that has very little use. Once a tax year is over, there isn't much a person or company can do to minimize taxes.
The better question is always "What can I do in the upcoming year to minimize taxes?" That allows time for options to be explored and action to be taken. Always think in the future and not the past.