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Article Date:
December 2016


Word Count:
1537

 

 

2016 Last-Minute Year-End Retirement and Medical Tax Deductions


Time’s running out on finding 2016 tax deductions. Take a few minutes to review the two retirement and four medical year-end tax-reduction strategies in this article. You might find several thousand dollars (and maybe much more) in your pocket.

 

Here are the six opportunities we will explain in this article:

 

1.

Establish your 2016 retirement plan before December 31.

2.

Convert to a Roth IRA.

3.

Reimburse your 2016 Section 105 or other health reimbursement account (HRA) medical expenses now.

4.

Make sure your Section 105 medical reimbursement plan complies with 2016 law.

5.

Ensure that you take your S corporation health insurance deduction correctly.

6.

Claim the tax credit for the health insurance you give your employees.

 

1. Establish Your 2016 Retirement Plan

 

First, a question: Do you have your (or your corporation’s) retirement plan in place as you read this?

 

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