Tax Help at year end
It’s that time of year where we should think about preparing an estimate of your current year tax liability and see if there isn’t some way we can reduce that liability. There are several things to consider when doing year-end tax planning: taking advantage of expiring tax provisions, deferring income into the following year or accelerating income into the current year, and accelerating expenses into the current year or deferring them into the following year. The proper strategy depends on whether or not you anticipate a significant change in income or expenses next year.
Further, a new .9 percent tax on earned income and a 3.8 percent tax on investment income take effect in 2013 for certain high-income individuals.
Depending on your projected income for 2013, we may need to revise your withholdings or increase your estimated tax payments for 2013 to take these changes into consideration.
Please call me at your convenience so we can set up an appointment and estimate your tax liability for the year and discuss any questions you may have.
Don Masters | 11/04/2013