It doesn’t quite seem possible that we are nearly halfway through 2017! We are often so busy during the summer months that the last thing we are thinking about is taxes. However, the midpoint of the year is a great time to assess your tax situation as you still have plenty of time to adjust and review your planning for a positive impact. Here are five timely tax moves that you should consider now.
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Go Forward or Backward to Utilize Tax Benefits
In general, we are taxed on our income and claim deductions on our expenses within the same tax year. But as with everything related to tax, there are exceptions. If you want to take advantage of all the tax benefit opportunities available to you, you should know about special rules concerning “carryforwards” and “carrybacks”.
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