We are fast approaching the end of the 2012 tax year and that is the perfect time to do some end of year tax planning… before it is too late. Many tax planning decisions can only be made before December 31st… only a few can be made after December 31st.
The first step is to estimate or project your tax liability based on the information you have now recognizing that the final numbers are subject to change. The second step is to play the “what-if” game.
- What if I sell my Ford stock for a capital gain?
- What if I wait to pay my winter tax bill until next year?
- What if I buy a new computer for my business?
- What if my bonus is 50% bigger than it was last year?
The ultimate goal of a good tax plan is to lower your overall liability. But a secondary goal is to make sure you are not going to get penalized for underpaying your liability for the current year. Either way, the objective is to save you money.
Good tax planning can you save you substantial amounts of money… and help you avoid tax penalties and interest. I offer my clients a comprehensive tax plan based on your individual circumstances. Contact me today to get yours.