Let’s talk planning opportunities
Posted On: 3-18-2015 | Posted By: WK Staff
“I don’t want to bother you with this right now…”
James and Julie Hentges, owners of Hentges Tree Service, rely on Trae Lorts, CPA, CVA, and Jeremy Morris, CPA,to provide forward-thinking advice for their growing multi-generational business.
During our busy season, we often hear this phrase from our clients whenever they want to discuss something other than an audit or tax return. Sure, our offices are hopping this time of year, but we are prepared to help our clients with whatever, whenever. In fact, this is the optimal time to take advantage of some planning opportunities.
Individuals and families
Because we are relatively early in the year, we still have plenty of time to identify tax planning strategies that make sense for your family. If you had a large underpayment or overpayment of your 2014 taxes, we can recommend adjustments to your withholding or set you up with quarterly estimates. If you might be subject to special taxes such as the Alternative Minimum Tax (AMT) or the 3.8% Net Investment Income Tax, there are actions you can take to prevent or minimize the impact. We can also help you evaluate whether your tax rate might be higher or lower in future years and recommend strategies accordingly and to update and coordinate your tax and estate planning picture. These are just a few examples of tax planning that can be done during the year.
Business clients can and should plan throughout the year to minimize taxes as much as possible. Your WK advisor can help you decide whether to accelerate expenses or defer income before the end of the year. We can make recommendations regarding purchases of vehicles, equipment, and other items that might have associated tax credits or other incentives, including standard and bonus depreciation opportunities. We can help you understand and implement regulatory and legal requirements, such as the Affordable Care Act provisions and new tangible property regulations. We can make financial forecasts, advise you regarding the structure of your business, and help you prepare for the succession of your business.
As your trusted business advisors, we encourage you to let us know what’s on your mind and how we can help, no matter the date on the calendar. The sooner we can get to work on planning matters or other projects you’re thinking about, the better our service to you will be. Call your advisor at (573) 442-6171 or (573) 635-6196 or stop by our offices in Columbia and Jefferson City.