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Do good and lower your taxes!

The charitable contribution deduction has been a mainstay of the tax code for decades. The current Republican House tax plan preserves only two deductions – mortgage interest and charitable contributions. When North Carolina’s tax system was overhauled a few years ago, only three deductions survived and charity was one of them.

2016 Year End Tips

Thanksgiving is over, the Christmas season is in full swing and another year is rapidly coming to a close. However, there are still actions that you can take now to lower your 2016 tax bill. My standard advice for this year (and any year for that matter) is very simple:

Defer income until 2017 where that is possible and accelerate deductions into 2016.

This strategy takes on even more importance in the wake of November’s elections for two big reasons: