Tuesday, December 23, 2014

Year-end Tax Management

Year-end Tax Management

There is still time to take a look at your potential tax obligation and make moves to reduce your tax burden. Here is a checklist of ten things to consider:

  1.  Review investments and decide whether to sell any holdings
  2. Consider donating appreciated stock versus writing a check to your favorite charity
  3. Estimate your tax liability and make any required estimated tax payments
  4. Make any final retirement plan contributions
  5. Consider making any final gifts to meet your annual gift giving limits
  6. Review your charitable giving and make any donations of cash and non-cash items prior to year-end
  7. Make sure you have taken your minimum required retirement plan distributions
  8. Small businesses should consider final capital decisions in light of 100% bonus depreciation and Section 179 expensing options
  9. Self-employed and small businesses organized as S-Corporations and LLC/LLP's should review compensation and make any last minute adjustments
  10. Start organizing your tax records

Compliments of VXL Services, a Business Consulting Services Company that provides Tax Planning and Tax return preparation to Individuals across US. Please contact Prakash Iyer CPA

We also provide Accounting, Tax, Payroll, Consulting and Company Incorporation Services to Start ups, Small and Medium Sized companies across US. If you have any questions please contact us at (732) 983 – 4150 or visit us at www.vxlservices.com for all the various Business Packages that we have to offer.