Year End Tax Planning for 2014 with JMS

Published: 11/6/2014 10:34:26 AM

Year End Tax Planning for 2014 with JMS

Dear Client and Friends of the Firm:

It is that time of the year again. We would like to coordinate with you in effectively and efficiently preparing your 2014 tax return. Planning ahead is the key to helping reduce stress and taxes. Even at this point in time, we can assess your tax situation with data that you already have on hand and make suggestions that could reduce your taxes.

We prefer to start 2014 year end planning in October after the bank statements are reconciled for September 30, 2014. This way, if you are a cash basis tax payer; we know that all the transactions are on the books and in your records.

The planning time normally starts in October and ends December 31. That is why we have waited to contact you. Also, there are only 3 months left in the year to be included in the projection of the revenues and expenses to help determine the projected tax affect for 2014.

We believe in this approach as, we have found it is the most effective and efficient process and proper tax planning can help avoid unpleasant financial surprises.We believe that you should have time to prepare and strategically plan, as you close out the 2014 tax year.You have may have choices, and we want to help educate you on some of those choices as well as how different decisions can impact your taxes and future:

    • Retirement Contribution Options
    • Estate Planning and Wealth Distribution Options
    • Tax Effects of Purchasing, Selling, and Expensing Assets Impact
    • Deferring and Acceleration of Revenues or Income Impact
    • Compliance and Audit Risk Assessment
    • Tax Law Changes Including Affordable Care Act and Alternative Minimum Tax Impact
    • Impact of Changes in Your Filing Status, Dependents,Job, or Business Entity Type Classification
    • Social Security Income estimates and calculations. When our electronic newsletter that goes out bi weekly, our hope is that if there are questions or concerns triggered by the articles, you will contact us with these questions or thoughts. We also have some great articles on our website at that may have relevance to questions that you may have. If we can help you, please let us know.

John Michael Smith CPA