Here we are in the middle of October with the 2016 final extension deadline passed (Monday) which means one thing – it’s time for 2017 year-end tax planning appointments. This is my favorite time of year as I thoroughly enjoy helping my clients determine where they stand for the current tax year and helping them determine what actions they can take before year-end to reduce their 2017 tax liability. Now is the time to plan and carry out that plan as our goal is always to have no surprises early next year when the 2017 tax returns are prepared. They say if you fail to plan, you plan to fail.
In almost all cases, the benefits of having a tax projection created near year-end are many and make the process well worth it. The best-case scenario is that my clients can transact certain business before year-end and reduce their tax liability for the year. Once a client sees the fruits of this labor when filing their returns next year, they are usually much more anxious to have a tax projection prepared the following year. Even in the rare cases where none of the proposed tax saving actions are feasible, at a minimum the client at least knows what their bottom line will be for next year and can ensure that adequate funds are available to satisfy those tax liabilities, if applicable.
We don’t like surprises for ourselves or for our clients and conducting year-end tax planning is one way to avoid any tax surprises next year. A phrase that I never want to hear myself utter during tax season is “it would have been beneficial if you had . . . ” However, when we take on a new client who we didn’t have the chance to plan with the previous year, that situation is a real possibility.
If you would like to schedule a 2017 year-end tax planning appointment, please contact us. We will be holding tax planning appointments from now until the end of November and would love to assist you in analyzing your situation.