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Mid-Year Tax Planning Can Lead to Big Savings

Well, it’s that time of year again – August. It’s time to have a serious talk about taxes. Does that seem strange to you? Well, it really shouldn’t. The fact is, while you may think of March and April as tax season, that’s really just tax compliance season. Tax savings season is right now.

And if you aren’t taking a strategic look at your 2013 taxes right now with your tax advisor, you might just be missing out on some opportunities for substantial savings.

Tax Saving Season is here

If you are having a great year so far in 2013, you’re likely to have more income at the end of the year than originally expected. And more income usually means more tax liability. Your current understanding of your projected income will allow you to modify your estimated tax payments. This will keep you from having a large, unexpected tax bill next fall and will help you avoid unnecessary interest charges.

Beyond just planning your payments correctly, there are also many opportunities in the tax code, both personal and business, that could allow you to shield some of your income from tax. You may want to consider increasing your 401(k) contribution or putting some money into a 529 education plan. If your business is expanding or considering capital purchases, Section 179 and bonus depreciation can provide significant tax benefits for making investments before the end of the year. General business credits provide reward and incentive for a wide variety of activities. Taking advantage all of the opportunities you qualify for could mean big savings.

Let’s Catch Up

Waiting until late in the year or early 2014 to sit down and discuss your taxes might leave you with a higher tax bill than necessary. We would love to sit down with you to review the first half of 2013 and discuss ideas to help you minimize your tax liability. Once we understand your recent performance and future plans, we’ll help you put a personalized strategy in place based on your specific business and personal circumstances. Don’t wait until it’s too late to save. Give us a call today.