Quick reminder to reach out as needed to coordinate year-end tax planning. Here are some important general reminders:
-Estimated tax planning (making sure you are on track) is critical in avoiding underpayment penalties
-Strategy assessment and implementation is best done during the tax year. Here are some examples of planning topics:
Paying down profits
Tracking mileage and home office deductions
HSA/FSA
Assessing retirement deferral options
Salary optimization and filing a reasonable salary (S-corp shareholders)
Assessing bonus depreciation options for new asset purchases
R&D Tax Credits
Roth IRA
Hiring your kids
Real Estate – cost segregation studies, 1031 exchanges
Tax loss harvesting (capital losses)