Quick Links to Specific Year-End Tax Planning Strategies & Checklists:
√ Tax Planning & Strategies Overview <– YOU ARE ON THIS PAGE
– Year-End Tax Planning – What’s New for 2017
– Year-End Tax Planning Checklist for Individuals
– Year-End Tax Planning Checklist for Businesses
– Year-End Checklist for Payroll & 1099 Reporting
Year-End Tax Planning & Tax Strategies Overview
November 24, 2017
Dear Clients & Friends:
- Tax Planning & Strategies Overview (see below)
- What’s New for 2017
- Checklist for Individuals
- Checklist for Businesses
- Payroll & 1099 Reporting
TAX PLANNING & STRATEGIES OVERVIEW –
It is important that you first read this overview which sets forth the underlying assumptions and concepts.
Year-end planning needs to be done on an individualized basis, taking account of the specific situation and planning goals of each taxpayer. The discussion and lists provided are not comprehensive and specific strategies affecting your particular tax situation may not have been included. We can identify and explore opportunities with you to help you cut your tax bill by preparing a personalized tax plan for you. Let us know if you would like us to help with your tax planning.
This discussion of year-end tax planning is generally oriented to lowering 2017 taxable income often by deferring taxable income into next year (2018) and accelerating expenses into the current year (2017). However, where special circumstances exist, a taxpayer may wish to reverse this strategy by accelerating taxable income and deferring expenses to achieve the opposite effect.
There may also be limitations or consequences to moving income and deductions between years. There are special considerations for each entity type (Individuals, Corporations, LLCs, etc.) and some strategies that may work for regular income tax purposes may be countered by unexpected alternative minimum tax (AMT) calculations.
Long-term planning needs to be considered for your financial future. As you consider year-end tax planning, be sure to consider retirement, education and estate planning issues. Do you know if you are putting enough aside for retirement, your child’s college, or for your family should death or disability occur? Do you feel like your investment portfolio mix or management may need a change? We can help you assess these important needs… Please don’t wait until it is too late!
We appreciate your business and look forward to serving you this next year!
Rick Howard, CMA, CPA
President & Owner
Circular 230 Disclosure: This is to advise you that, unless expressly stated, nothing in this communication (including any attachment or other accompanying materials) was intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding any federal tax penalties, or for promoting, marketing, or recommending a partnership or other entity, investment plan or arrangement to anyone.