Do you need year-end tax planning?
With the holidays approaching, we are reminded that 2015 is almost over. This year has again brought many changes in our tax laws, some that went into effect in 2015, some that will become effective in 2016, and some that Congress is still debating.
It’s time for year-end tax planning to focus on possible strategies you can implement to reduce your tax bill now and in future years. Tax planning could help if:
* You have the ability to accelerate and/or postpone income and deductions. This is especially true for material capital gains.
* 2015 is an unusual year in terms of income or deductions.
* You have experienced (or will experience) a significant event in your life such as marriage, divorce, moving, employment change, etc.
* You plan to pass material wealth to future generations.
This is also a good time to prepare a projection of your 2015 tax liability to avoid unwanted surprises and minimize or eliminate underpayment penalties. A November or early December meeting can often serve to replace the annual tax season meeting. Remember, the time for 2015 tax planning is now, before the end of the year.
If you would like to do year-end tax planning, please contact us. We will estimate your tax liability and decide which tax planning strategies will work best for you. We look forward to hearing from you.
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