Small Business/Personal Finance - things people can do to plan for income tax

As the year winds down and people prepare to take time to enjoy their holiday season, accountants, tax attorneys and other tax professionals start gearing up for the tax season that follows. While we have little control of our tax code, we can control how we take advantage of the benefits allowed by the code. I found this article that explains some of the simple things people can do lessen their tax burden.

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"Gail MarksJarvis: 8 easy ways to cut your taxes now" on the Miami Herald's website runs down a list of steps people can take to manage their tax burden. One of the suggestions may be particularly helpful to small business owners. The article mentions the idea of delaying income. I would suggest another consideration is taking as much income as possible this year too. If a company is just starting up or in a building phase, it may be advantageous to take income this year if the plan is to dramatically grow next year. Discussions about potential changes in tax rates between years due to growth may be a reasonable query. These are consideration a business owner should be discussing with their tax professional now.

Other steps include contributions to retirements funds, considering medical treatments that have been put off, pay school bills early, and dump bad investments before the end of the year. Check out the article for these ideas. If people find any of these options seem worthy of consideration, they should consult their accountant to ensure the moves will accomplish what they intend to accomplish with their tax planning. If there are legal issues connected to the options, people should include their attorneys in the discussion. 

If you want to know more about Mark Medvesky or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com

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