Tax Planning Time

2015 is quickly coming to a close and it’s time to do some final year-end tax planning.  In that process we can look together at your existing situation, projected income and expenses as well as what actions can be taken before year-end to optimize your tax position.

For instance if you believe you will be in a higher tax bracket this year than next, we’ll want to look at ways you can reduce income or increase deductions in the current year.  If the opposite is true, and you believe you’ll have greater income next year, we would want to look at ways you could accelerate your income into this current year or delay deductions to recognize them next year. Whether it is a case of selling a particular security position, taking or deferring retirement income, calculating when to pay your state taxes, or ensuring all available business expenses are accounted for, we want to make sure you are recognizing all the deductions and expenses you are entitled to.

Once the appropriate tax planning analysis has taken place, we will calculate a tax projection to estimate what your federal and state tax liabilities will be for 2015 and determine if you should make any estimated tax payments or, for you S-Corp owners, take a year-end paycheck to pay some tax withholdings to avoid any potential penalties.  Along this road we may discover other areas for tax optimization that were not readily foreseen.

So if you would like for us to help you with year-end tax planning, please contact us to schedule an appointment in November or December.  You can do that with your regular point of contact at the firm or by contacting Tara Thompson at 828-771-5010 or by email at tthompson@gmg-cpa.com.