SOME QUICK AND EASY YEAR-END TAX STRATEGIES | Scolaro Fetter Grizanti & McGough, PC | Syracuse, NY
SOME QUICK AND EASY YEAR-END TAX STRATEGIES
By: Jeffrey M. Fetter
As difficult as it is to believe, we are coming up on another year end. Now is the time when we start thinking about taxes and wonder if there is anything that should be done before the end of the year to save on the amount due. In most cases, we think about those things, but may end up doing nothing because it may be too late to get it done; it takes too much time, too much paperwork, etc. Well, here are a few year-end items that don’t take a lot of time and can be easily accomplished:
- Make Additional HSA Contributions. If you are eligible for a Health Savings Account at any time during 2015, the tax law says you are treated as having been eligible for the entire year. What does this mean? It means that you can make an entire year’s deduction even though you may not have been participating for the entire year. If you are an individual participant, you can contribute up to $3,300 for the year and if a family participant, the contribution amount increases to $6,550. Because age has its benefits, if you are over 55, you get an additional contribution allowance of $1,000. And, best yet for those procrastinators, you can make the contribution any time before you file your 2015 income tax return.
- Make Annual Gifts for 2015. Anyone can make a gift to a person, or as many persons as they wish, of up to $14,000 without incurring a gift tax and without having to file a gift tax return (subject to a few limitations). A married couple can give a child $28,000 taking advantage of both parents’ gifting limits. With a gift, no one pays any taxes – gift or income taxes. Now, what if you make a gift in excess of $14,000 to an individual? Do you go to jail? Pay penalties? Neither. You can certainly make a gift of over $14,000 to anyone you wish, but now you must file a gift tax return and advise the IRS of your gift. No one pays taxes, but the IRS will take the amount of your gift, subtract the $14,000 that you could have gifted without a gift tax return, and the balance is then subtracted from your lifetime combined estate and gift tax exemptions – which this year is $5,430,000. For example, if you give your daughter $114,000 in 2015, the IRS will disregard the $14,000 and chip away at your lifetime exemption, leaving you with $5,330,000 in exemption for future gifting or to be used in the event of your death. With many taxpayers, there is little likelihood of having an estate in excess of the lifetime exemptions so gift away! But, if you are gifting by check, give it to the recipient and have him or her deposit it on or before December 31, 2015. It will raise fewer questions.
- Make Charitable Contributions or Pay Deductible Medical Bills. If you have deductible contributions or payments, make them prior to December 31st. Charitable contributions and medical expenses are deductible when paid or charged to your credit card accounts, not when you pay your bill. So, if you want to decrease your tax liability in 2015, but do not want to pay for it until 2016, you can use your credit cards as a tool for doing so. If you believe you will be in a higher bracket next year, you may want to consider waiting until 2016. But, in many cases, it is better to get it while you can.
- Withhold Sufficient Taxes. Watch out for penalties for failing to withhold sufficient taxes from your paycheck. It’s a good idea to do a trial tax return calculation to determine if you have withheld enough for purposes of paying your 2015 taxes for earned income (i.e., your paycheck).
- Take Required Minimum Distributions. If you are required to take required minimum distributions from your retirement plans or IRAs, make sure you take them. If you fail to take a required distribution, a penalty of up to 50% of the amount that should have been distributed can be assessed. If you turn 70 ½ in 2015, you can generally delay the first required withdrawal until 2016. The rule is the year after the year in which you turn 70 ½. But, be careful with that planning as well as it may require you to double up your withdrawal amount in 2016.
There are, of course, other tax-saving strategies that can be taken prior to the end of the year. If your trial tax return shows unexpected or unplanned tax liabilities, contact your accountant or tax preparer immediately and start out the New Year on a good note. Happy New Year!
SYRACUSE, NY (October 8, 2025) – Two leading law firms in Central New York, Costello, Cooney & Fearon and Scolaro Fetter Grizanti & McGough, are pleased to announce their combination, effective Jan. 1, 2026. Costello Cooney Fearon & Fetter will build upon a combined 175 years of legal tradition in Syracuse while establishing a stronger foundation to serve clients across the region and beyond. This combination represents more than the joining of two firms; it marks the uniting of two longstanding legal legacies deeply rooted in the Central New York Community. From advising local businesses and municipalities to guiding families through generations of change, both firms share a common history of helping the region grow and thrive. “Bringing our firms together unites the collective strength of two highly successful practices with a shared vision for delivering the highest quality client service. This combination will allow us to offer a broader range of legal services to meet the evolving needs of our present and future clients.” – Jeffrey M. Fetter, Chief Executive Officer of Scolaro Fetter Grizanti & McGough With over 45 attorneys practicing throughout New York State, the firm will offer expanded strength in litigation, business and tax law, mergers and acquisitions, estate and trust planning and administration, municipal and education law, real estate, family law, healthcare, agricultural law, and more. “This is an important and exciting moment for both of our firms. Combining with Scolaro Fetter Grizanti & McGough strengthens the services we can provide to our clients and creates new opportunities for our attorneys and staff. Having been with Costello, Cooney & Fearon for more than 35 years, I see this as one of the most meaningful steps we’ve taken to ensure the continuity of the quality and depth of our practice and a vibrant future for decades to come. We have long respected the work of Scolaro Fetter Grizanti & McGough, and now we look forward to growing together as one firm.” – John R. Langey, Chief Executive Officer of Costello, Cooney & Fearon A Shared Legacy, A Stronger Future Costello, Cooney & Fearon has been part of the Syracuse legal landscape since 1896, known for its innovative, collaborative approach and broad range of practice areas. Founded in 1979, Scolaro Fetter Grizanti & McGough has built a respected reputation, spanning several states, for its sophisticated work in business, tax, and estate planning. Together as Costello Cooney Fearon & Fetter, the firm will continue to serve as a proud partner in the Central New York Community, offering the full-service capabilities of a large firm while maintaining the personalized attention and client relationships that have long defined both organizations. Clients can expect a seamless transition, continuing to work with the attorneys they know and trust – now backed by a deeper bench of talent and experience. Additional details about the firm’s combined operations will be shared in the coming weeks. About Costello Cooney Fearon & Fetter Costello Cooney Fearon & Fetter will be a full-service law firm with offices in Syracuse, Albany, and Cazenovia, N.Y. and Stuart, Fla. With deep roots in Central New York and serving clients throughout several states, the firm will provide forward thinking legal counsel to businesses, municipalities, educational institutions, and individuals, while remaining committed to the communities it has proudly served for generations.
Stewart M. McGough, Esq. Deed fraud is increasing rapidly in Florida. Criminals have been forging property deeds to unlawfully transfer ownership and sell properties without the real owner's knowledge. Any property owner may be affected, including homeowners, and the legal costs to reverse this type of fraud can be substantial. To help combat this risk, Florida law now requires each county Clerk of Court to provide a Property Alert Service . This free service notifies you when a document such as a deed is filed under your name or your property's legal description. Steps You Should Take Register for Property Alerts Visit the official Florida Court Clerks website: https://www.flclerks.com/page/PropertyAlertServices Choose Your County (or Counties) Click the link for each county where you own property. Complete the online registration with your name and property information. Watch for Notifications If someone files a deed involving your property, you will receive an alert by email, text, or phone depending on the county. If the filing is legitimate, no action is needed. If it appears fraudulent, contact the Clerk immediately and consult an attorney to prevent the deed from being recorded. Why This Matters Deed fraud can occur silently and without warning. Registering for alerts gives you immediate notice so you can respond before the fraud is finalized and your property is illegally transferred. Please take a few minutes to register today. This simple step can protect your property and avoid major legal complications.
