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October 28, 2013

YEAR END TAX PLANNING ADVICE

Here are some very important tax strategies and issues to consider:

 

  • 2013 Tax Liability Estimation – Estimating your tax liability in advance helps remove any surprises about a large unexpected tax payment. Estimating the tax liability in advance also allows the firm to help devise strategies to lower your liability and gives you an opportunity to put aside the necessary funds to cover any projected estimated  tax liability.
  • Retirement Plan Considerations –If you are self-employed, a partner in a partnership, S corp or C corp shareholder, you can contribute up to $51,000 for 2013. Your contribution is deductible against income and can greatly reduce your tax liability, as well as help you keep more of your own money for future retirement.
  • Section 179 Depreciation – Business owners can deduct 100% of the assets purchased (i.e. computer equipment, furniture, software, etc.) in the year of purchase, up to the Section 179 limit and up to the 2013 business profitability, and may carryover any remainder for future use in reducing profit and lowering tax liability.
  • Net Investment Income- This is a new tax for 2013 and for high-earning individuals; it could result in unplanned tax liability.

 

Utilizing the various tax strategies can sometimes reduce your annual tax liability by 30 percent and planning ahead can give you an opportunity to forecast and prepare for your 2013 year-end tax obligation. Call us now to set up a meeting for your 2013 year end tax planning – (703)553-1099.

 

About Wendroff & Associates, CPA

Located in Arlington, Virginia Wendroff & Associates, LLC is a full service accounting firm, specializing in Tax Strategy, CFO Consulting, QuickBooks Training and Outsourced Accounting. The firm prides itself on its technological advantage and innovative company culture to provide better service to its clients and partners to help them grow their business or organization and reach their professional goals. Wendroff & Associates, CPA provides smart financial solutions and thinks of its clients throughout the year, not just at tax time. For more information on Wendroff & Associates, CPA visit www.wendroffcpa.com.

Wendroff & Associates Media Contact:
Brian Wendroff
Managing Partner
bjwendroff@wendroffcpa.com
703-574-4892

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