Year End Tax Planning

The 2017 monumental update to US tax laws has created a lot of uncertainty for taxpayers.  Some of the most common questions I’ve encountered include:

  • Withholding from my paycheck has gone down – will I owe money at the end of the year?

  • Does my business qualify for the Qualified Business Income (QBI) deduction?  If so, what does that mean for my quarterly estimates?  If not, is there anything I can change to take advantage of it?  Am I paying myself “reasonable compensation”?

  • Will I still be itemizing my deductions this year?  If not, how can I get a tax benefit for my charitable contributions?

In addition, there are some perennial questions that are best addressed before the close of the tax year:

  • How much should I contribute to my 401(k) / SIMPLE / SEP / IRA?  Should I contribute to a traditional or Roth vehicle?

  • What’s a college savings plan, and would it be beneficial for me to contribute to one?

  • What is tax loss harvesting, and should I apply it to my taxable investment portfolio?

  • I worked outside the US this year.  Does that mean I don’t have to pay any US taxes?

If any of these questions are keeping you up at night, I can help.  Starting with a half hour discussion about your situation and goals, I will review last year's tax returns and run a projection of this year's tax liability to let you know what to expect, and where you can implement any planning opportunities before the end of the calendar year.  Then we’ll meet for about an hour to discuss my findings and recommendations.

$450 flat fee

Misty Slope

We're Hiring!

Looking for an experienced tax preparer to join our team through the end of May, and hopefully beyond.  The position is for a minimum of 20 hours per week and requires 3 years of full time experience preparing tax returns.  This is a 100% virtual position with flexible hours and a lot of growth potential.  Curious?

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