Year End Planning serves two very useful purposes: It allows us one last chance before the end of the tax year to estimate how much tax you may have to pay in April. This knowledge helps to make sure you are in the financial position to pay any taxes you may owe. For some of us, this means moving money around or looking for the best time to liquidate some investments. For others, it may mean putting off some spending or even focusing your efforts on raising cash. Knowing now how much money you may need to come up with in April allows you more options and more time to make wiser choices than waiting until March.
The biggest benefit in knowing where you are tax-wise is that it gives you the ability to make some last-minute moves to reduce your tax liability. Depending on your particular situation, there can be several strategies that can still be implemented before the end of the year to reduce your tax burden – moves such as selling an investment to realize the loss, buying equipment this year instead of waiting until next year, prepaying your C corporation for services, or a number of other moves that will fit your circumstances.
The benefits of doing Year-End Tax Planning, especially this year, are tremendous and the cost is small. Just $475, plus $90 per entity. If you are a quarterly monitoring client, then the Year-End Tax Planning is free.
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