Another tax year behind us. The halls of 4035 Ridge Top Road are eerily quiet today. The tax accountants of Suite 550 are catching up on their personal business. Lawns to be mowed, fences to be mended (in any manner of speaking), vacations to be taken, medical appointments to attend, cars to be serviced, filing to catch up on, inboxes to be organized, and desks to be cleaned off.
So, what are we going to do from now until the 2014 “busy season” kicks in? Aside from watch the auditors and financial accountants take their turn in the limelight? We’re going to take a deep breath, and dive right into projections. Sure, we’ll still have to do a little clean-up, and we’ll enjoy the upcoming holiday season; but it isn’t all kick-back from here to the end-of-the-year. This projection process is one of the most valuable assets we offer our clients.
Whether you are a business or individual, this is the best time of year to look at what your income and deductions are, what they’ll be at year-end, and what your potential tax liability might be. We can then offer strategies to reduce that liability, ensure that you are in a no-penalty situation, and look at options for paying down the liability. We can help determine if it is better to pay that tax down through withholding, or with an estimated payment, and what the best timing for that would be. All this offers you the opportunity to manage your tax situation instead of it managing you – and hopefully prevent an unpleasant tax surprise.
Alison Robinson, CPA