Don’t Let The Holidays Stop You From Tax Planning

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Dont Let The Holidays Stop You From Tax Planning
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• The holidays are hot on our heels, and we all
  know that this can be an exceptionally busy,
  stressful and chaotic time of year for everyone,
  even more so if youre a business owner or are
  self-employed.
• That in mind, its important to ensure that you
  give yourself enough time to plan for your taxes
  and make the most of strategies to reduce the
  amount you will need to pay.
• Festive tax planning
• Taking a proactive approach to tax planning, may
  not be the first thing on your mind over the
  festive period, but it probably should be.

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• Meeting with a CPA or tax specialist is advisable
  in the fourth quarter, and will give you a much
  more informed idea of how your businesses year
  may be about to end.
• Prevention is the key, and planning for your
  taxes early enough can ensure that you dont get
  hit with taxes on contributions and/or expensive
  penalties. Doing so also enables you to make
  changes wherever necessary, and your tax
  professional will recommend them provide they
  have ample time to process the relevant
  information.

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• If you want to make the most of any possible
  deductions, contributions must be made before
  December 31st for them to be included in that
  years tax return, as after the first day of the
  new year, deduction options become significantly
  reduced.
• Other festive tax strategies
• If your income is lower than expected, then there
  may be some other tax strategies which can be
  used to maximize your deductions. Strategies that
  enable you to make significant tax savings in the
  event of your retirement such as converting a
  traditional IRA to a Roth IRA

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• require you to pay income tax on the converted
  amount, and this is best done within a year that
  you are in a lower tax bracket. Converting in
  such a way, must occur before the end of
  December, again highlighting the importance of
  festive tax planning.
• If youre self-employed, proactive tax planning
  is especially important, as it enables you to see
  if the estimated tax payments that youve made
  during the year, are going to be enough.
• Assuming your taxes will be the same this year as
  they were in the previous one, can set you up for
  a fall, and with changing tax codes, its

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• vital that you dont let the seasonal festivities
  get in the way of your tax preparation and
  planning. Review your income and expenses well in
  advance of December, to ensure that you dont
  miss out on any opportunities to save some money.
  One of the best ways of making sure that your
  taxes work in your favour, is by using the
  services of a professional tax preparation and
  planning company, who could very well end up
  saving you money that youll be grateful of in
  the new year.

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• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax preparation service
  Coral Gables. If you are looking for tax
  preparation service in Miami, Heyer Associates
  would be a right option.