With less than two weeks until the final 2017 individual tax filing deadline (October 15th), my favorite time of the year is approaching where we get the opportunity to discuss year-end tax strategies and planning with our clients and assist them in evaluating actions they can take before year-end to reduce their 2018 tax burden. We typically schedule these tax strategy meetings with clients beginning in mid-October and continue them through November.
Most of our clients desire to know now where they stand for tax year 2018 rather than risk being the recipient of an unpleasant surprise early next year when their 2018 tax returns are prepared. With the new tax law in place for all of tax year 2018, including different rate brackets and wage withholding calculations, I would guess that many additional clients will want to have a tax projection prepared this year to avoid surprises when preparing their 2018 tax returns. For business owners, the need to project out the remainder of the year is even more important as they have many triggers that might be pulled to reduce their projected tax liability. The new tax law enables business owners to take advantage of capital asset purchases even more than in prior years to reduce their taxable income. There are several other tax-saving opportunities as well, including retirement plan funding.
Whether you are a current client of Weech Financial, PLLC or not, if you are interested in having a 2018 tax projection prepared and to discuss strategic planning opportunities, please contact our office to set up an appointment for us to meet. The investment in the planning session typically pays dividends several times over due to the tax savings obtained. If you have any questions, please contact us.