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Maximize Your 2016 Tax Return 

Sarah Desormiers is an accountant and tax attorney with integrated tax consultants in Portland.while we always hear about making charitable donations before the end of the calendar year, Desormiers suggests that people who are planning to itemize their deductions consider pre-paying their state taxes.financial markets are performing well right now, but if you’ve been hanging on to a losing investment, selling it before2 017 may help you offset paying taxes on some capital gains.Desormiers says don’t forget that bigger capital losses can help you for years to come.>> so, potentially, some people have losses from prior years that have carried forward overtime, and it might be a good time now to harvest some gains. there are some significant changes on the horizon too.because of action in congress in 2015, 2016 is the last year you can take advantage of certain tuition deductions.Desormiers says you may want to consider paying for next semester right now. Also, if you don’t have enough equity in your home to avoid paying private mortgage insurance, this is the last year you’ll be able to deduce pmi on your taxes you might contact your mortgage company and see if you can get that taken off of your account either through they recognize that you’ve paid in 20% of your initial loan or if you get an appraisal. It’s not too late to make some money-saving changes, but here’s the advice desormiers has to taxpayers moving forward.>> If they think that their situation is complex enough to ask the question now, it’s probably complex enough that they need an expert all year-round.