Tax planning

As taxpayers and tax professionals race to finish up their tax returns by April 18, or opt to file for an extension, there are still a few last-minute things they can do, along with plenty to think about for next year.

The traditional family is no longer so traditional. Increasingly children are living in blended families, bringing complex tax issues to their parents’ accountants.

Leaked pages of President Donald Trump’s 2005 tax return offer no new details about his foreign income and business dealings but highlight a tax he’s vowed to abolish.

Accountants can help clients achieve their philanthropic goals while preparing their taxes.

A municipal bond investor doesn’t think the president and the Republican-led Congress will do away with the incentive given to buyers of state and local government debt.

As lawmakers in Congress mull the real possibility of a tax overhaul, various proposals are being debated before legislation is introduced.

There are ways around having to pay as much as a 50 percent penalty. Plus, inheriting Roth IRAs and more efficient retirement portfolios.

Moving investments into these accounts may optimize returns and boost savings. Plus, know your IRAs and the impact of Trump's proposals on income brackets.

What the government returns can go right into an IRA for added benefits now and in the future. Plus, keep a parent's savings alive, even if they're not.

The American Institute of CPAs has updated the “body of knowledge” document that provides information to CPA financial planners on what they should know about taxes and other matters.