Year End Tax Planning – Learn How to Identify if You are Taking the Right Steps Now to Avoid Unpleasant Surprises in April

Tax planning in December is part of our annual work cycle in the Personal Tax Group.  Many of our clients benefit from planning.  It highlights actions to be taken before year end, and reduces the likelihood of unpleasant surprises in April.
The most common actions our clients take in December are:

  • Changing the amount or timing of estimated tax payments
  • Changing the amount or timing or other actions like paying real estate tax
  • Selling securities to recognize gains or losses
  • Making charitable contributions
  • Making contributions to retirement plans
  • Taking distributions from retirement plans

The clients most likely to benefit from tax planning are those who:

  • Have changed careers or employment
  • Are entering a new phase of life such as:

                           Starting a career after a long period of education

                           Marrying or becoming parents

                           Retiring

  • Can make decisions about salary bonuses
  • Are planning the purchase of a business or other large asset
  • Are planning the sale of a business or other large asset
  • Have had a large change in income in 2014 compared with 2013
  • Have had a large change in wealth in 2014 like an inheritance or bankruptcy

At Clarus we think about our clients all year round.  We can be most helpful when we’re informed about major personal and financial events as they occur.  Some tax planning can only be implemented before an event, for instance a business sale.

One way we check in with you is through tax planning.  Please contact Nancy Supowit, CPA at nsupowit@claruspartners.com or call 614-545-9100 to discuss our tax planning services.

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