Broker Check
The Power of Tax-Deferred Growth The Facts About Income Tax The Cost of Procrastination Rightsizing for Retirement

TIPS to REDUCE your 2016 TAXES


  • Maximize contributions to any current 401(k), 403(b) or any other similar plan;
  • Plan contributions to your IRA before April 18th, 2017;
  • Sell investments with losses by December 31st to reduce any capital gains and offset against $3,000 of ordinary income;
  • Donate appreciated investments, you get the benefit of receiving a charitable contribution for the fair market value of the investment, and not have to report any of the gain on the appreciation of the investment.
  • Defer the income you control Wait to exercise stock options. Wait to bill for self-employment work and delay the collection of rents and royalties until the New Year;
  • Make the best out of a bad year. If your 2016 income is substantially less than it usually has been you are likely in a lower tax bracket, making it a great time to sell appreciated stock and mutual funds. If this year’s ordinary income tax rate is 15% or less, then your capital gains tax rate is 0%.
  • Convert your IRA to a Roth IRA. It is not immediate, but will provide tax savings in the future;
  • Take Required Minimum Distributions (RMD’s) from retirement accounts if you are over 70 ½.
  • Hold onto investments for at least 1 year if you don’t think the value will drop to get long-term tax rates;
  • Pay January Mortgage payment to be received by December 31, 2016;
  • Pay 4th Quarter state estimated tax payment by December 31, 2016;
  • Pay 2nd Installment of Real Estate Taxes by December 31, 2016;
  • Make Charitable Contributions and donate old clothes and furniture by December 31, 2016;
  • Pay deductible expenses like business expenses, and medical bills by credit card by December 31, 2016.

New Tax Items of Interest


  • Mandate for minimum essential health insurance, penalties are increasing to $695 per adult and $347.50 per child, (up to $2,085 per family) or 2.5% of family income, whichever is greater. For this reason, it is important to bring your 1095 forms to your tax appointment.

  • No tax refund will be paid until at least February 15, 2017 if the Earned Income Credit or the Additional Child Tax Credit is claimed. Returns can be completed prior to then, but the IRS will not process the payment until after February 15th.


  • Money received from crowdfunding sources such as GoFundMe, Kickstarter, and Indiegogo may be taxable when received.


  • Bitcoin held in a non-US exchange or wallet, should be indicated on their tax return and reported as a foreign bank account since the penalties are extremely high for failing to report foreign accounts. Additional filings fees may apply to the filing of a foreign bank account return.


  • Increased documentation requirements for Earned Income Credit (EIC), Additional Child Tax Credit (ACTC) and American Opportunity Tax Credit. It is important to bring receipts related to books and education not reported on 1098-T.  Other documentation requirements apply to the EIC and ACTC.  Additional tax preparation fees could apply to the preparation of these items.


  • FAFSA due dates have changed using 2015 tax information for both the 2016-17, 2017-18 school years. This information is to be reported now through 6/30/17 and 6/30/18 for the respective year ends.


  • Business mileage reimbursement rate decreases to 54 cents per mile.


  • Remember your 1098-T from your college students. This is a source of large tax credits and we are required to see it to deduct it on your taxes.


  • The Protecting Americans from Tax Hikes Act of 2015, permanently extended many tax incentives -

       - Deduction for teacher classroom expenses up to $250
       - Deduction for interest on tuition and fees as well as mortgage insurance premiums
       - Advantages of charitable giving from IRA’s for required minimum distributions 

  • Landlords – Must prepare and send 1099’s - For those renting properties it is important that you prepare 1099s for anyone who provided a service to your rental property. This is required for each provider that was paid more than $600 during the year.

Please call us at your convenience so we can set up an appointment and estimate your tax liability for the year and discuss any questions you have.


Making A Difference In Your Financial Future

Welcome to our Web site, where you’ll find a wealth of information in the form of newsletters, articles, calculators, and research reports as well as access to your investment accounts. 

Our firm's experience as Certified Public Accountants gives you access to over 20 years of experience in accounting systems using QuickBooks, business management, development and controllership services as well as income tax planning and preparation experience for businesses and individuals. We serve businesses to help individuals.

As Certified Financial Planners, we use a comprehensive approach focusing on the 8 wealth management issues to focus our attention on your most pressing financial needs. We’re here to help educate you about the basic concepts of wealth management and take action towards your financial goals.

Doug's affiliation with H.D. Vest Investment ServicesSM and H.D. Vest Advisory ServicesSM provides him with state-of-the-art, real-time technology, back office support systems, comprehensive research, due diligence, and an exceptional array of highly competitive, non-proprietary financial alternatives, securities and services.

We hope you take advantage of this resource and visit us often. Be sure to add our site to your list of "favorites" in your Internet browser. We frequently update our information, and we wouldn’t want you to miss any developments in the area of personal finance.

Helpful Content

The Business Cycle

The Business Cycle

How will you weather the ups and downs of the business cycle?

Choosing a Business Structure

Choosing a Business Structure

Entrepreneurs all face the same question, “Which business structure should I adopt?”

How to Retire Early

How to Retire Early

Retiring early sounds like a dream come true, but it’s important to take a look at the cold, hard facts.


Retiree Health Care Coverage Overseas

Retirees traveling abroad need to know that their health insurance travels with them.

Choices for Your 401(k) at a Former Employer

Individuals have three basic choices with the 401(k) account they accrued at a previous employer.

The Best Apps in Travel

Technology tips to make your next trip even better.

A Primer on Dividends

A company's profits can be reinvested or paid out to the company’s shareholders as “dividends."

Your Emergency Fund: How Much Is Enough?

Having an emergency fund may help alleviate the stress and worry associated with a financial crisis.

Does Your Portfolio Fit Your Retirement Lifestyle?

Lifestyle considerations in creating your retirement portfolio.

View all articles arrow

What Is My Current Net Worth?

Use this calculator to estimate your net worth by adding up your assets and subtracting your liabilities.

Saving for College

This calculator can help you estimate how much you should be saving for college.

Saving for Retirement

This calculator can help you estimate how much you may need to save for retirement.

Tax Freedom Day

Assess how many days you'll work to pay your federal tax liability.

How Much Home Can I Afford?

With a few simple inputs you can estimate how much of a mortgage you may be able to obtain.

Assess Your Life Insurance Needs

This calculator estimates how much life insurance you would need to meet your family's needs if you were to die prematurely.

View all calculators arrow

Protecting Those Who Matter Most

The importance of life insurance, how it works, and how much coverage you need.

5 Smart Investing Strategies

There are some smart strategies that may help you pursue your investment objectives

Keys to Investing for Retirement

There are some key concepts to understand when investing for retirement

Managing Your Lifestyle

Using smart management to get more of what you want and free up assets to invest.

Long-Term-Care Protection Strategies

The chances of needing long-term care, its cost, and strategies for covering that cost.

5 Smart Investing Principles

Principles that can help create a portfolio designed to pursue investment goals.

View all presentations arrow

It Was the Best of Times, It Was the Worst of Times

All about how missing the best market days (or the worst!) might affect your portfolio.

How to Retire Early

Retiring early sounds like a dream come true, but it’s important to take a look at the cold, hard facts.

What Can a Million Dollars Buy You?

$1 million in a diversified portfolio could help finance part of your retirement.


The market is as unpredictable as the weather. We’d love to help you prepare.

Inflation and Your Portfolio

Even low inflation rates can pose a threat to investment returns.

A Bucket Plan to Go with Your Bucket List

A bucket plan can help you be better prepared for a comfortable retirement.

View all videos arrow