Fall Tax Planning
With fall in the air, it’s time to start thinking about things that need to be done to prepare for winter. The garden harvests have been completed, the cornfields are being harvested and it’s time to fill up your oil tanks before the price changes. It’s also time for tax planning.
There are so many things in the tax code that have time limitations. It’s really time to check in with yourself if you want to do some proactive planning. Taxes can be very much within people’s control, even though they don’t feel that way.
You don’t have until April 15th to do anything other than fund personal IRAs which means any other planning has to be done by December 31 and since most planning takes a little time to implement, you really have a month or so to do this.
For example, if you’ve been thinking about setting up an account for your business that you can fund with much more than an IRA contribution, the paperwork has to be done and in soon, and the funding often has to happen before the end of the year!
There are other planning strategies too that are important for business owners and high-wage earners that could cut your tax bill by up to 50%!
If you have investments that are not in an IRA or ROTH, then those accounts should be managed in a tax-efficient way, and now is the time to take a look at them.
Or if you have high capital gains for the year or need to plan for retirement changes such as starting social security or medicare or even marketplace health insurance.
Now is the time for all of that and more. Now is the time to be proactive!
Be sure to watch some of our past blogs on taxes and/or give us a call today. We have a whole team of proactive tax experts ready to help you reduce your tax bill!
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