- Make use of tax deferral strategies using retirement plans - Maximize 401(k) contributions, IRA contributions, or (if applicable) plans you have set up for your small business. There are special rules on making IRA contributions for expats so ask us if you are unfamiliar with those rules.
- Reduce your taxable income in 2016 – maximize itemize deductions (such as charitable contributions), consider purchases for your business which could be a Section 179 deduction in 2016, etc.
- Consider making tax payments before April 18, 2017 if you plan to extend your filing. This can avoid penalty and interest charges.
- Partnerships have changed from April 15 to March 15
- C Corporation due dates changed from March 15 to April 15
Married filing joint
Less than $75,000
Less than $37,500
More than $225,000
More than $112,500
- Personal and dependent exemptions would be eliminated
- The head of household filing status would be eliminated; and
- The standard deduction would be increased to $30,000 to joint filers, and $15,000 for single filers (this may significantly reduce the number of taxpayers who itemized deductions).