Tax Planning now for 2015 Savings

With only a few months left in 2015, now is the time to schedule a meeting with your tax advisor to discuss year-end planning.  Hopefully you developed a plan earlier in the year and this meeting will allow you to make modifications to that plan and strategize for the remainder of the year.

For business owners, it is important that you have up-to-date financial information so accurate information can be used for planning.  If you are behind, you need to develop a plan to get caught up immediately.  You will also need to project what net income will look like for the remainder of the year.  Don’t forget to consider asset purchases you are thinking of making or other expenses you might have.

For individuals, you need to think about how the current year differs from prior year.  Is income higher or lower?  What about deductions?  Did you make estimated tax payments?  Should you consider adjusting withholdings for the remainder of the year?  Did you have any other changes that will impact current year taxes?  

Please let me know if you have questions or would like to schedule a consultation. 

Ryan Sanger, CPA
Senior Tax Manager
rsanger@acmllp.com
970.352.1700

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