A year-end tax planning meeting with your CPA is a must for many taxpayers, especially those who own a business. The purpose of the meeting is to discuss and make decisions in this calendar year that will affect your tax liability and funding contributions to retirement plans.
Your CPA and you can make recommendations to reduce the amount of taxes that you will owe, and a year-end tax planning meeting can save you money.
Reasons to Schedule Your Year-End Tax Meeting?
2019 is closing out quickly with us being in the fourth quarter already. Time really does fly! Have you already scheduled your year-end tax meeting with a CPA yet?
There are many tax-saving strategies that might be employed in a given situation for both an individual tax return and a business tax return. A meeting is necessary to be proactive about discussing these items and more:
- Clean up your books
- Project tax liability for the current year
- Review reasons to reduce the amount of taxes that you will owe
- Discuss new tax provisions
- How to take advantage of all the tax deductions available
- Identify best ways to lower your tax bill
- Itemized deductions versus the standard deduction
- Identifying deductions
- Gifting to family members
- Divesting assets that represent unrealized losses to offset capital gains
- Restructuring income
- Purchasing needed equipment earlier than planned
- Delaying the receipt of year-end payments from customers until early the following year
- Expediting the payment of expenses
- Contributing to qualified retirement plans –such as 401(k), 403(b), 457(b), IRA, and SEP
- Contributing to a church or charity
- Qualified business income deduction
- Depreciation equipment
- Bad debt write-off
If those of you that have never scheduled a tax planning meeting, you may be wondering if the tax savings will be more than the cost of the fee for the services. Our clients can attest to the benefit and savings they have experienced by acting on our recommendations who schedule this meeting year after year.
Ready to Schedule Your Meeting?
If you are a current client or a potential client and would like to schedule an appointment to discuss year-end tax planning, please call 770-856-1309 or email at josh@joshuawilsoncpa.com.
As we approach 2020, it would be a great time to get the help you need to be proactive about organizing and filing your 2019 taxes on time. Contact a full-service public accounting firm that can help you with this goal.
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Joshua Wilson, CPA, PC, is a full-service public accounting firm that specializes in accounting, tax preparation, tax planning, & business development for small businesses in Winder, GA, and the surrounding areas. Give Joshua a call today to set up a consultation at 770-856-1309 or email him at josh@joshuawilsoncpa.com.