Tax season is right around the corner, so we want you to be prepared.  As we typically do, we have created this year-end tax planning letter to assist you with certain tips that you should consider before December 31st.

This is the time to reassess your overall tax picture for 2021 so you can maximize the tax breaks on your books and avoid any potential pitfalls.

CLICK HERE FOR YEAR-END TAX LETTER in PDF format for easy reading and printing.

Dear Clients and Friends:

What a year it’s been! So far, we have had to cope with a global pandemic, extreme political division and a series of natural disasters—just to mention a few noteworthy occurrences. These events have complicated tax planning for individuals and small business owners.

What’s more, new legislation enacted the last couple of years has had, and will continue to have, a significant impact. First, the Coronavirus Aid, Relief, and Economic Security (CARES) Act addressed numerous issues affected by the pandemic. Following soon after, the Consolidated Appropriations Act (CAA) extended certain provisions and modified others. Finally, the American Rescue Plan Act (ARPA) opens up even more tax saving opportunities in 2021.  We have tons of related information on our COVID19 Tax Resources page too.

And we still might not be done. New proposed legislation, including the Build Back Better Act, is currently being debated in Congress. If another new law is enacted before 2022, it may require you to revise your year-end tax planning strategies as a result of new provisions or amounts.

This is the time to assess your tax outlook for 2021. By developing a comprehensive year-end plan, you can maximize the tax breaks currently on the books and avoid potential pitfalls.

Keeping all that in mind, we have prepared the following 2021 Year-End Tax Letter. For your convenience, the letter is divided into three sections:

  • Individual Tax Planning
  • Business Tax Planning
  • Financial Tax Planning

Be aware that the concepts discussed in this letter are intended to provide only a general overview of year-end tax planning. It is recommended that you review your personal situation with a JMF tax professional.


Charitable Donations

There were plenty of worthy causes for individuals to donate to in 2021, including disaster aid relief. Besides helping out victims, itemizers are eligible for generous tax breaks.

TAX TACTIC: Step up your charitable giving at the end of the year. Then you can reap the tax rewards on your 2021 return. This includes amounts charged to your credit card in 2021 that you do not actually pay until 2022.

Under the CARES Act, and then extended through 2021 by the CAA, the annual deduction limit for monetary donations is equal to 100% of your adjusted gross income (AGI). Theoretically, you can eliminate your entire tax liability through charitable donations.

Conversely, if you donate appreciated property held longer than one year (i.e., long-term capital gain property), you can generally deduct an amount equal to the property’s fair market value (FMV). But the deduction for short-term capital gain property is limited to your initial cost. In addition, your annual deduction for property donations generally cannot exceed 30% of your AGI.

Tip: If you do not itemize deductions, you can still write off up to $300 of your monetary charitable donations. The maximum has been doubled to $600 for joint filers in 2021.

Child Tax Credit

ARPA provides several key enhancements to the Child Tax Credit (CTC) for the 2021 tax year.

TAX TACTIC: Take full advantage of the latest rules for the CTC. Notably, ARPA includes the following changes that may benefit your family.

  • The maximum credit increases from $2,000 to $3,000 for a qualifying child ($3,600 for qualifying children under age six).
  • The definition of a qualifying child expands to include children under age 18 at the end of the year (up from age 17).
  • The credit is fully refundable. Previously, only $1,400 was refundable.
  • Although the credit begins to phase out at lower income levels, taxpayers adversely affected by these new ranges can elect to claim the $2,000 credit under the prior rules.

Finally, the IRS began making advance payments of the CTC during the second half of the year. But you may choose not to receive advance payments (or you can stop now).

Tip: Do not forget that the advance payments will be reflected on your 2021 return. This may result in a smaller tax refund than you were expecting. The IRS will be sending Letter 6419 to taxpayers who received the Advanced Child Tax Credit. Please save this letter for your accountant so we can reconcile the child tax credit on your 2021 tax return.

Home Improvements

Previously, you could generally deduct mortgage interest on loans that qualified as either “acquisition debt” or “home equity debt,” within generous limits. But the Tax Cuts and Jobs Act (TCJA) revised the rules, beginning in 2018. Notably, it eliminated the current deduction for home equity debt.

TAX TACTIC: When appropriate and allowable, convert nondeductible home equity debt into deductible acquisition debt. This may be accomplished by using home equity loan proceeds to pay for home improvements.

For 2021, you can still deduct mortgage interest on the first $750,000 of new acquisition debt, defined as debt used to buy, build or substantially improve a qualified home. (The prior threshold of $1 million is “grandfathered” for certain older loans.) The deduction for home equity loans, up to the first $100,000 of debt, is suspended for 2018 through 2025.

Thus, if you take out a new home equity loan to make a substantial home improvement, it qualifies as acquisition debt. The interest is deductible within the usual tax law limits.

Tip: If you were planning to use personal funds for a home improvement and a home equity loan for another purpose—say, a child’s education—you might switch things around.

Alternative Minimum Tax

The alternative minimum tax (AMT) is a complex calculation made parallel to your regular tax calculation. It features several technical adjustments, inclusion of “tax preference items” and subtraction of an exemption amount (subject to a phase-out based on your income). After comparing AMT liability to regular tax liability, you effectively pay the higher of the two.

TAX TACTIC: Have your AMT status assessed. Depending on the results, you may want to shift certain income items to 2022 to reduce AMT liability for 2021. For instance, you might postpone the exercise of incentive stock options (ISOs) that count as tax preference items.

Fortunately, the AMT now affects fewer taxpayers, because the TCJA boosted the AMT exemption amounts (and the thresholds for the phase-out), unlike the minor annual “patches” authorized by Congress in prior years. The chart below shows the exemptions since 2017, including a significant boost in 2018.

Filing status 2017 2018 2019 2020 2021
Single filers $54,300   $70,300   $71,700 $72,900 $73,600
Joint filers $84,500 $109,400 $111,700 $113,400 $114,600
Married filing   separately $42,250   $54,700   $55,850 $56,700 $57,300

Tip: The two AMT rates for single and joint filers for 2021 are 26% on AMT income up to $199,900 ($99,950 if married and filing separately) and 28% on AMT income above this threshold. Note that the top AMT rate is still lower than the top ordinary income tax rate of 37%.

Medical Deduction

The tax law allows you to deduct qualified medical and dental expenses above 7.5% of AGI. This threshold was recently lowered from 10% of AGI. What’s more, the latest change is permanent.

To qualify for a deduction, the expense must be for the diagnosis, cure, mitigation, treatment or prevention of disease or payments for treatments affecting any structure or function of the body. However, any costs that are incurred to improve your general health or well-being, or expenses for cosmetic purposes, are nondeductible.

TAX TACTIC: If you expect to itemize deductions and are near or above the AGI limit for 2021, accelerate non-emergency expenses into this year, when possible. For instance, you might move a physical exam or dental cleaning scheduled for January to December. The extra expenses are deductible on your 2021 return.

Note that you can include expenses you pay on behalf of a family member—such as a child or elderly parent—if you provide more than half of that person’s support.

Tip: The medical deduction is not available for expenses covered by health insurance or other reimbursements.


  • Take advantage of the enhanced dependent care credit. Under ARPA, the maximum credit for a taxpayer with an AGI of $125,000 or less is $4,000 for one child and $8,000 for two or more children. The maximum is $1,600 or $3,200, respectively, if your AGI exceeds $183,000.
  • Pay a child’s college tuition for the upcoming semester. The amount paid in 2021 may qualify for one of two higher education credits, subject to phase-outs based on modified adjusted gross income (MAGI). Note: The alternative tuition-and-fees deduction expired after 2020.
  • Avoid an estimated tax penalty by qualifying for a safe-harbor exception. Generally, a penalty will not be imposed if you pay 90% of your current tax liability or 100% of the prior year’s tax liability (110% if your AGI exceeded $150,000) during the tax year.
  • If you are in the market for a new car, consider the tax benefits of the electric vehicle credit. The maximum credit for a qualified vehicle is $7,500. Be aware, however, that credits are no longer available for vehicles produced by certain manufacturers.
  • Empty out your flexible spending accounts (FSAs) for healthcare or dependent care expenses if you will have to forfeit unused funds under the “use-it-or-lose it” rule. However, due to recent changes, your employer’s plan may provide a carryover to next year of up to $550 of funds or a 2½-month grace period or both.
  • If you own property damaged in a federal disaster area in 2021, you may qualify for quick casualty loss relief by filing an amended 2020 return. The TCJA suspended the deduction for casualty losses for 2018 through 2025, but retained a current deduction for disaster-area losses.


Depreciation-Related Deductions

At the end of the tax year, a business may secure one or more of three depreciation-related tax breaks: (1) the Section 179 deduction; (2) first-year “bonus” depreciation; and (3) regular depreciation.

TAX TACTIC: Make sure that qualified property is placed in service before the end of the year. If your business does not start using the property, it does not qualify for these tax breaks.

Section 179 deductions: Under this section of the tax code, a business may “expense” (i.e., currently deduct) the cost of qualified property placed in service anytime during the year. The maximum annual deduction is phased out on a dollar-for-dollar basis above a specified threshold.

The maximum Section 179 allowance has increased gradually since it was doubled to $500,000 in 2010. As shown below, the TCJA effectively doubled the amount again in 2018.

Tax year Deduction limit Phase-out threshold
2010–2015 $500,000 $2 million
2016 $500,000 $2.01 million
2017 $510,000 $2.03 million
2018 $1 million $2.50 million
2019 $1.02 million $2.55 million
2020 $1.04 million $2.59 million
2021 $1.05 million $2.62 million

However, be aware that the Section 179 deduction cannot exceed the taxable income from all your business activities this year. This could limit your deduction for 2021.

First-year bonus depreciation: The TCJA doubled the 50% first-year bonus depreciation deduction to 100% for property placed in service after September 27, 2017 and expanded the definition of qualified property to include used, not just new, property. However, the TCJA gradually phases out bonus depreciation after 2022.

Regular depreciation: If any remaining acquisition cost remains, the balance may be deducted over time under the Modified Accelerated Cost Recovery System (MACRS).

Tip: The CARES Act fixed a glitch in the TCJA relating to “qualified improvement property” (QIP). Thanks to the change, QIP is eligible for bonus depreciation, retroactive to 2018. Therefore, your business may choose to file an amended return for a prior year.

Employee Retention Credit

Many business operations have been disrupted by the COVID-19 pandemic. At least recent legislation provides tax incentives for keeping workers on the books during these uncertain times.

TAX TACTIC: When it makes sense, retain your top workers as long as you can. The CARES Act authorized an employee retention credit (ERC) to offset some of the cost.

Under the CARES Act, the ERC was equal to 50% of the first $10,000 of qualified wages per quarter, for a maximum credit of $5,000 per worker. The CAA extended availability of the credit into 2021 with certain modifications, including a maximum ERC of $14,000 per worker per year. Now ARPA authorizes a maximum credit of $21,000 per worker for 2021 with eligible wages ending on September 30, 2021.

In addition, ARPA allows businesses that started up after February 15, 2020 and have an average of $1 million or less in gross receipts, to claim a credit of up to $50,000 per quarter.

Business Meals

Previously, a business could deduct 50% of the cost of its qualified business entertainment expenses. However, the TCJA permanently eliminated the deduction for entertainment expenses, including strictly social meals preceding or following a “substantial business deduction.”

TAX TACTIC: Stay the course. Current law still allows deductions for certain business meals if you have the records needed to support your claims. Plus, your business may benefit from an enhanced deduction in 2021.

For starters, a business can deduct meal expenses of employees traveling away from home on business. In addition, the cost of food and beverages associated with entertainment such as sporting events and concerts may be deductible if the food and beverages are invoiced separately. The IRS has issued detailed regulations relating to these deductions.

Note that the cost of the food and beverages cannot be artificially inflated. Obtain the invoices from the appropriate venues.

Some businesses pay per diem to employees for meals (or a combination of lodging, meals, and incidentals).  For 2021 and 2022, the meal portion of per diem payments is 100% deductible and no further substantiation is required.  Note that if the per diem is included in the employee’s wages, no additional deduction is allowed for meals.

Tip: ARPA doubles the usual 50% deduction to 100% of the cost of food and beverages provided by restaurants in 2021 and 2022. Thus, your business may write off the entire cost of some meals this year.

Work Opportunity Tax Credit

If your business becomes busier than usual during the holiday season, it may add to the existing staff. Consider all the relevant factors, including tax incentives, in your hiring decisions.

TAX TACTIC: All other things being equal, you may hire workers eligible for the Work Opportunity Tax Credit (WOTC). The credit is available if a worker falls into a “target” group.

Generally, the WOTC equals 40% of the first-year wages of up to $6,000 per employee, for a maximum of $2,400. For certain qualified veterans, the credit may be claimed for up to $24,000 of wages, for a $9,600 maximum. There is no limit on the number of credits per business.

Tip: The WOTC has expired—and then been reinstated—multiple times in the past, but the CAA extended it for five years through 2025.

Business Start-up Expenses

The tax law allows a small business owner to claim a first-year deduction of up to $5,000 for qualified start-up costs. Any remaining expenses must be amortized over 180 months. However, the $5,000 write-off is phased out for start-up costs exceeding $50,000.

TAX TACTIC: Open for business before the end of the year. Typically, this means you must begin offering goods or services. Otherwise, you cannot claim the current $5,000 deduction.

Generally, start-up costs are those that would be deductible as business expenses, such as:

  • An analysis of potential markets, products, labor supply, transportation facilities, etc.,
  • Advertisements for the opening of the business,
  • Salaries and wages for employees who are being trained and those instructing them,
  • Travel costs to secure prospective distributors, suppliers, customers or clients, and
  • Salaries and fees for executives and consultants or similar professional services.

Tip: If it suits your purposes, you can elect to have all business start-up costs amortized over 180 months. This may be preferable for an entrepreneur expecting a low tax liability in 2021.


  • Stock up on routine supplies (especially if they are in high demand). If you buy the supplies in 2021, they are deductible in 2021, even if you do not use them until 2022.
  • Under the CARES Act, a business could defer 50% of certain payroll taxes due in 2020. Half of the deferred amount is due at the end of 2021, so meet this obligation if it applies.
  • Maximize the qualified business interest (QBI) deduction for pass-through entities and self-employed individuals. Note that special rules apply if you are in a “specified service trade or business” (SSTB).
  • If you pay year-end bonuses to employees in 2021, the bonuses are generally deductible by your company and taxable to the employees in 2021. A calendar-year company operating on the accrual basis may be able to deduct bonuses paid as late as March 15, 2022, on its 2021 return.
  • Generally, repairs are currently deductible, while capital improvements must be depreciated over time. Therefore, make minor repairs before 2022 to increase your 2021 deduction.
  • Have your C corporation make monetary donations to charity. ARPA extends a 2020 increase in the annual deduction limit from 10% of taxable income to 25% for 2021.
  • Keep records of collection efforts (e.g., phone calls, emails and dunning letters) to prove debts are worthless. This may allow you to claim a bad debt deduction.


Securities Sales

Traditionally, investors time sales of assets like securities at year-end for optimal tax results. For starters, capital gains and losses offset each other. If you show an excess loss for the year, you can then offset up to $3,000 of ordinary income before any remainder is carried over to the next year. Long-term capital gains from sales of securities owned longer than one year are taxed at a maximum rate of 15% or 20% for certain high-income investors. Conversely, short-term capital gains are taxed at ordinary income rates reaching as high as 37% in 2021.

TAX TACTIC: Review your portfolio. Depending on your situation, you may want to harvest capital losses to offset gains or realize capital gains that will be partially or wholly absorbed by losses. For instance, you might sell securities at a loss to offset a high-taxed short-term gain.

Be aware of even more favorable tax treatment for certain long-term capital gains. Notably, a 0% rate applies to taxpayers below certain income levels, such as young children. Furthermore, some taxpayers who ultimately pay ordinary income tax at higher rates due to their investments may qualify for the 0% tax rate on a portion of their long-term capital gains.

However, watch out for the “wash sale rule.” If you sell securities at a loss and reacquire substantially identical securities within 30 days of the sale, the tax loss is disallowed. A simple way to avoid this harsh result is to wait at least 31 days to reacquire substantially identical securities.

Tip: The preferential tax rates for long-term capital gains also apply to qualified dividends received in 2021. These are most dividends paid by U.S. companies or qualified foreign companies.

Required Minimum Distributions

Normally, you must take “required minimum distributions” (RMDs) from qualified retirement plans and traditional IRAs after reaching age 72 (70½ for taxpayers affected prior to 2020). The amount of the RMD is based on IRS life expectancy tables and your account balance at the end of last year. If you do not meet this obligation, you owe a tax penalty equal to 50% of the required amount (less any amount you have received) on top of your regular tax liability.

The CARES Act suspended the RMD rules for 2020—but for 2020 only. The RMD rules are reinstated for this year.

TAX TACTIC: Make arrangements to receive RMDs before January 1, 2022. Do not procrastinate. If you wait too long, you may miss the December 31 deadline if the financial institution cannot accommodate you quickly enough or you run into other complications.

As a general rule, you may arrange to receive the minimum amount required, so you can continue to maximize tax-deferred growth within your accounts. However, you may decide to take larger distributions—or even the full balance of the account—if that suits your needs.

Tip: The IRS has revised the tables for 2022 to reflect longer life expectancies. This will result in smaller RMDs in the future.

Net Investment Income Tax

Moderate-to-high income investors should be aware of an add-on 3.8% tax that applies to the lesser of “net investment income” (NII) or the amount by which MAGI for the year exceeds $200,000 for single filers or $250,000 for joint filers. (These thresholds are not indexed for inflation.) The definition of NII includes interest, dividends, capital gains and income from passive activities, but not Social Security benefits, tax-exempt interest and distributions from qualified retirement plans and IRAs.

TAX TACTIC: After a careful analysis, estimate both your NII and MAGI for 2021. Depending on the results, you may be able to reduce your NII tax liability or avoid it altogether.

For example, you might invest in municipal bonds (“munis”). The interest income generated by munis does not count as NII, nor is it included in the calculation of MAGI. Similarly, if you turn a passive activity into an active business, the resulting income may be exempt from the NII tax. Caution: These rules are complex, so obtain professional assistance.

Tip: When you add the NII tax to your regular tax plus any applicable state income tax, the overall tax rate may approach or even exceed 50%. Factor this into your investment decisions.

Section 1031 Exchanges

Beginning in 2018, the TCJA generally eliminated the tax deferral break for Section 1031 exchanges of like-kind properties. However, it preserved this tax-saving technique for swaps involving investment or business real estate. Therefore, you can still exchange qualified real estate properties in 2021 without paying current tax, except to the extent you receive “boot” (e.g., cash or a reduction in mortgage liability).

TAX TACTIC: Make sure you meet the following two timing requirements to qualify for a tax-deferred Section 1031 exchange.

  • Identify or actually receive the replacement property within 45 days of transferring legal ownership of the relinquished property.
  • Have the title to the replacement property transferred to you within the earlier of 180 days or your 2021 tax return due date, plus extensions.

Note that the definition of “like-kind” is relatively liberal. For example, you can exchange an apartment building for a warehouse or even raw land.

Tip: Proposed legislation would eliminate the tax break for real estate. If this technique appeals to you, start negotiations that can be completed before the end of the year.

Estate and Gift Taxes

Going back to the turn of the century, Congress has gradually increased the federal estate tax exemption, while establishing a top estate tax rate of 40%. At one point, the estate tax was repealed—but for 2010 only—while the unified estate and gift tax exemption was severed and then subsequently reunified.

Finally, the TCJA doubled the exemption from $5 million to $10 million for 2018 through 2025, with inflation indexing. The exemption is $11.7 million in 2021.

TAX TACTIC: Develop a comprehensive estate plan. Generally, this will involve various techniques, including trusts that maximize the benefits of the estate and gift tax exemption. The table below shows the progression of the exemption and top estate tax rate for the last ten years.

Tax year  

Estate tax exemption

Top estate tax rate
2012 $5.12 million 35%
2013 $5.25 million 40%
2014 $5.34 million 40%
2015 $5.43 million 40%
2016 $5.45 million 40%
2017 $5.49 million 40%
2018 $11.18 million 40%
2019 $11.40 million 40%
2020 $11.58 million 40%
2021 $11.7 million 40%

 Furthermore, you can give gifts to family members that qualify for the annual gift tax exclusion. For 2021, there is no gift tax liability on gifts of up to $15,000 per recipient ($30,000 for a joint gift by a married couple). This reduces the size of your taxable estate.

 Tip: You may “double up” by giving gifts in both December and January that qualify for the annual gift tax exclusion for 2021 and 2022, respectively.


  • Contribute up to $19,500 to a 401(k) in 2021 ($26,000 if you are age 50 or older). If you clear the 2021 Social Security wage base of $142,800 and promptly allocate the payroll tax savings to a 401(k), you can increase your deferral without any further reduction in your take-home pay.
  • Sell real estate on an installment basis. For payments over two years or more, you can defer tax on a portion of the sales price. Also, this may effectively reduce your overall tax liability.
  • Weigh the benefits of a Roth IRA conversion, especially if this will be a low-tax year. Although the conversion is subject to current tax, you generally can receive tax-free distributions in retirement, unlike taxable distributions from a traditional IRA
  • From a tax perspective, it is often beneficial to sell mutual fund shares before the fund declares dividends (the ex-dividend date) and buy shares after the date the fund declares dividends.
  • Consider a qualified charitable distribution (QCD). If you are age 70½ or older, you can transfer up to $100,000 of IRA funds directly to a charity. Although the contribution is not deductible, the QCD is exempt from tax. This may improve your overall tax picture.

 State Taxes

Year-end tax projections are especially important for state taxes. Just like the IRS, states generally impose withholding and estimated tax requirements. States also charge underpayment penalties if sufficient payments are not made during the year.

If you are the owner of a pass-through entity, Alabama passed the Pass-Through Entity Act that will affect owners of pass-through entities.  This allows S-Corporations and Partnerships to pay state tax at the entity level.  If paid prior to December 31st (for cash basis taxpayers) or elected and paid with the 2021 pass-through return (for accrual taxpayers), the owner can avoid the $10,000 state tax limit on itemized deductions on the federal return.  Estimates are required but there is some relief for late estimates for 2021.  You should discuss electing to pay the PTE tax with your JMF professional.

State taxes are deductible in computing federal income tax, up to the limit of $10,000, and the timing of payments may be important. A tax planning strategy is to prepay by December 31, 2021 the state tax estimates that are due January 2022, and prepay projected balances due on April 15, 2022 to accelerate deductions into 2021.

However, this strategy is not beneficial for a year in which you are paying the alternative minimum tax since the AMT does not allow deductions for taxes, including state income taxes. If this sounds complicated, that’s because it is complicated. A tax projection by your JMF tax professional is the best way to approach this issue.

It is also important to note that the federal 20% deduction for “qualified business income” will not be an applicable deduction on the Alabama return.

However, Alabama law actually provides several deductions not allowed by federal law. These include:

  • Taxpayers may deduct up to $5,000 for a single filer and $10,000 for a joint filer for contributions to an Alabama Section 529 college savings plan.
  • Even though the TCJA removed personal exemptions for federal purposes, Alabama law still allows for deductions for personal and dependent exemptions on the Alabama return.
  • Like federal law, Alabama allows a deduction for insurance premiums paid for a qualified long-term care policy. But, for Alabama purposes, the premiums are not subject to the limitations for out-of-pocket medical expenses like they are for federal purposes.
  • Even though disallowed for federal purposes, miscellaneous itemized deductions are still allowed for the Alabama return.
  • Alabama law allows a deduction for the lesser of $3,000 or 50% of the costs to retrofit a new or existing home to prevent damages associated with windstorm events or floods.
  • The parent of a student enrolled in or assigned to attend a failing school qualifies for a refundable Alabama credit for the cost of transferring the student to a non-failing public school or private school of the parent’s choice. The credit equals 80 percent of the average annual state cost of attendance for a public K-12 student during the applicable tax year or the actual cost of attending a non-failing public school or private school, whichever is less. Private schools must participate in the scholarship contribution credit program to be eligible to participate in the failing schools credit program. A parent is allowed a credit against income tax for each taxable year. However, parents of current private school students, including those living in an area zoned for a failing school, do not qualify for the credit.
  • In addition to the regular Alabama income tax deduction for medical expenses that a qualifying employee may be entitled to with respect to the payment of health insurance premiums, qualifying employees are also allowed to deduct from Alabama gross income an additional 100 percent of the amounts they pay as health insurance premiums as part of an employer provided health insurance plan provided by a qualifying employer. The qualifying employer is also allowed to deduct an additional 100% of the health insurance premiums they pay for qualifying employees.  For more information on these tax deductions, please consult your JMF tax professional.
  • With technology advancing every day, the Alabama Department of Revenue has implemented a program to help get your refund faster. If you are expecting a state refund from Alabama, you may use their new “eID” mobile app to speed up your refund, as well as protect your identity. More information about their app can be found at


This year-end tax planning letter is based on the prevailing federal tax laws, rules and regulations. Of course, it is subject to change, especially if additional tax legislation is enacted by Congress before the end of the year.

Finally, remember that this letter is intended to serve only as a general guideline. Your personal circumstances will likely require careful examination. We would be glad to schedule a meeting with you to assist with all of your tax planning needs.

This year-end tax-planning letter is published for our clients, friends and professional associates. It is designed to provide accurate and authoritative information with respect to the subject matter covered. The information contained in this letter is not intended or written to be used for the purpose of avoiding any penalties that may be imposed under federal tax law and cannot be used by you or any other taxpayer for the purpose of avoiding such penalties. Before any action is taken based on this information, it is essential that competent, individual, professional advice be obtained.