Tax Prep Begins

Photo Credit: Stuart Miles

Photo Credit: Stuart Miles

With the Holiday Season behind us our attention turns to year end tax preparation. Tax years 2013 and 2014 bring many changes that will affect most everyone in one way or another. The changes range from reduced education and energy credits to elimination of certain itemized deductions. One change is the “Sales Tax” deduction allowed for individuals living in states without an earned income tax. This tax deduction helped to bridge the deduction gap…effective 1/1/14 this deduction has been eliminated. If you wish to learn more about how this and other tax changes may affect you please contact us for a free discussion of your tax situation.

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We are in the midst of the Holiday Season and all that comes with this hurried time of year. Juggling the schedule to attend all the Christmas parties and buying the perfect gifts for the in-laws. Doing your best not to over eat so you do not gain that 10 – 15 lbs you just lost. Oh, don’t forget putting up the lights and Christmas tree!!! And then there is the dreaded tax planning session with your favorite CPA that you have been putting off since July.

Speaking of tax planning…it is not as bad as you might think. It can be really bad actually if you do not take a serious look at your end of year tax planning. I do not have enough time in this article to address all the various fact dependent possibilities. One tip for cash based businesses is to purchase items now that you will need in the first quarter of 2014 and hold off revenue collections until January 2014. Please contact us to schedule a tax planning session or just email me if you have just one question.

It is my hope and prayer that you and your families really enjoy a safe and wondrous Christmas Season! Merry Christmas and Happy Hanukah!!!

 

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