Maximizing Your Tax Savings: Year End Planning

Would you believe that we are coming into mid-November? Impending holidays also means that it is time to start preparing for tax season! If you have not started to think about tax planning, now can be the time. Being prepared for the end of the year, and knowing any actions you need to take before it, can mean the difference between tax payments and tax savings!

For individual taxpayers, this could mean reviewing your investments for tax strategy, maximizing retirement contributions, completing Roth IRA conversions or qualified charitable distributions, making 529 or HSA contributions, or making your charitable contributions. Everyone's situation is different, but I would be happy to take a look with you for any year-end tax saving strategies before December 31.

For small businesses, now is the time to make sure you have your bookkeeping caught up and financial records in order so you have an idea of where your bottom line will be. Get your accounts reconciled, new assets recorded and payroll entries in. With a completed balance sheet and profit & loss now, we can project where income will be to determine any additional tax savings, as well as ensure you've made enough in estimated tax payments. I would be happy to help you catch up on bookkeeping, as well as review the books for any tax strategies.

Questions? Don't hesitate to call at 717-357-2472 or email jennifer@barricktax.com.