Tax Season Follow-up
Tax filing season is complete and most 2015 tax returns have been filed. But…don’t be a stranger. This is the best time of year for tax and business planning. Below are some things to consider talking to us about:
• Participation in employer-sponsored retirement plans (or forming a retirement plan if you own a business).
• Charitable contributions, especially the extra tax benefits of donating appreciated investments or real estate rather than cash.
• Direct charitable contributions from IRAs.
• Conversion of traditional IRAs to Roth IRAs (or conversion of 401(k) balances).
• Estate tax and gifting planning to minimize future estate tax and ease administration of your estate.
• College savings accounts, health savings accounts, and other tax-advantaged ways to set money aside for future needs.
• A pending retirement.
• Business succession planning.
• Business entities – is it time to form a LLC or corporation to house a small business or rental activity?
• Accounting systems and assistance for businesses.
• Is your business at risk of IRS reclassification of contractors to employees?
• Business sales tax compliance (both IL and possibly other states).
• Any other significant life or business changes that might be around the bend.
It’s far better to talk to us before making any significant life changes in your personal financial world or your business than it is to talk afterwards. Sometimes a little tweak to the details of how you go about those changes can have a big effect on the tax ramifications.