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5 tax winners on ’16 returns

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in Small Business Tax

Filing tax returns isn’t a game. The consequences for mishaps are real, but so are the benefits for making the best choices.

Strategy: Find the “winners” on your 2016 tax return. These are items you might overlook or ignore in your haste. It’s your loss if you miss out on them.

In some cases, you still may be able to cut your 2016 tax bill, even after the year is long over. Here are five prime opportunities.

1. Boost your SEP contribution. If you’re a self-employed individual, you may have established a Simplified Employee Pension (SEP) for retirement saving. Not only do you pile up tax-sheltered earnings, but your contributions also reduce your current tax liability, up to generous limits. For 2016, you can generally deduct the lesser of 25% of compensation (20% of net self-employment income if you are self-employed) or $53,000.

Tip: The contribution deadline is April 18, 2017, or October 16, 2017 with a filing extension (s...(register to read more)

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