January 30, 2014
Looking forward or looking back as a tax strategy? Click on the TAX PLANNING LETTER LINK below for tax saving ideas.
The beginning of the year offers a unique opportunity for your tax planning: the opportunity to look back over last year as you gather your documents for 2013 tax return preparation and looking ahead in 2014 to determine what you can repeat or improve.
Retirement plan contributions are a good place to start with this tax strategy; you can still make a calendar year 2013 contribution to your traditional IRA , right up to April 15, 2014. This deductible contribution can help reduce your 2013 tax bill - a looking back, after year-end tax planning move.
Looking ahead using the same strategy, now is the time to begin thinking about your 2014 IRA contribution. Start setting aside funds today to save all year for a current contribution. This allows you to have the funds on hand and available as you look forward and decide what contribution mix would make the most sense for your situation.
For more looking back/looking forward tax strategies, click on the TAX PLANNING LETTER link on the front page of our website.
This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community:
According to Forbes.com, Super Bowl viewers traditionally load up on millions of pounds of less-than-healthy foods during the big game—including ribs, pulled pork, tortilla chips, nuts, popcorn and bacon—all washed down with beer (the Super Bowl beverage of choice). If you are trying to stick to your New Year’s resolution to eat better, consider a few healthy substitutes for the traditional Super Bowl eats:
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.