As we near the year\u2019s end, major changes in legislation and tax rates are being proposed and put into effect. Now is the time to re-strategize and plan to optimize your tax savings before the end of the year. Here are some quick tips to help you get started.<\/p>\n
Establishing a small business retirement plan is a no-brainer for those who want to optimize their tax savings and feel secure for the future. There are various options, depending on your business size and future goals. If there have been any major changes in your small business this year, it\u2019s a good idea to review your current plan to ensure it is fit for next year\u2019s plans and saving. Some small business retirement plan<\/a> options that we can assist you with include SEP IRA, 401(k), pension plan options, and various employee benefit plans.<\/p>\n This way, you\u2019ll make the most of your itemized deductions. Some bonus tips:<\/p>\n Changes in federal or state gift and estate tax exemptions could affect your estate plans significantly. Additionally, if you\u2019ve had major life changes this year, it\u2019s important to ensure that your overall estate plan (including trusts, power of attorney, health care, and asset protection) is current. Events that could affect what you want out of your estate plan, and might necessitate adjustments include:<\/p>\n Make the most of your accountant\u2019s expertise while you\u2019re still planning things out. This way, you can make strategic decisions that will pay off in the long run. Here\u2019s a list of what our seasoned certified accountants can provide to you:<\/p>\nTip #2: If you\u2019ve planned to make charitable contributions, do it before the year ends. <\/strong><\/h3>\n
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Tip #3: Review your estate plan. <\/strong><\/h3>\n
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Tip #4: Don\u2019t wait until you\u2019re struggling or underwater to contact your accountant.<\/strong><\/h3>\n
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