Don’t Miss Out On Yearend Tax Planning Opportunities
A yearend tax planning meeting is a must for many taxpayers, especially those who own a business. The purpose of the meeting is to discuss and make decisions in this calendar year that will affect your tax liability and funding contributions to retirement plans.
There are many tax saving strategies that might be employed in a given situation for both an individual tax return and a business tax return. Typical topics covered during a yearend tax meeting include:
- Clean up your books
- Project tax liability for the current year
- Review opportunities to reduce the amount of taxes that you will owe
- Owner’s Compensation Strategies
- Discuss new tax provisions
- How to take advantage of all the tax deductions available
- Identify best ways to lower your tax bill
- Itemized deductions versus the standard deduction
- Identifying deductions
- Gifting to family members
- Divesting assets that represent unrealized losses to offset capital gains
- Restructuring income
- Purchasing needed equipment earlier than planned
- Delaying the receipt of year-end payments from customers until early the following year
- Expediting the payment of expenses
- Contributing to qualified retirement plans –such as 401(k), 403(b), 457(b), IRA, and SEP
- Contributing to a church or charity
- Qualified business income deduction
- Depreciation equipment
- Bad debt write-off
If you are a current client or a potential client and would like to schedule an appointment to discuss yearend tax planning, please let us know.