Tax Planning: A Year-Round Adventure

While taxes are a hot topic at the beginning and end of the year, here are some items to consider with your qualified CPA throughout the year.

FIRST QUARTER:  Quarterly estimates… should you use the safe harbor method, which piggybacks off of last year’s liability?  Is your income predictable enough to base your estimates off of this year’s tax?  Is your business cyclical and therefore the annualized income method is best?

SECOND QUARTER:  Are you missing out on tax credits and deductions, such as the R&D credit, domestic production activities deduction, enterprise zone credits, work opportunity tax credits, and energy efficiency incentives, just to name a few?

THIRD QUARTER:  Do you have a solid retirement plan?  Are you able to defer as much taxable income as possible?  When did you last explore the many different options available?

FOURTH QUARTER:  Should you buy a new piece of equipment now or wait until January?  Do you need a large deduction or would it be best to spread the depreciation over a number of years in anticipation of your business (and taxes) growing? 

Mark E. Lumsden, CPA
303.440.0399
mlumsden@acmllp.com
www.acmllp.com

on Facebook on LinkedIn