We are now into the second half of the year, and while it is still summer, the weeks are getting ever closer to the next tax season. August and September are great months to start thinking about planning for filing your 2014 tax returns.
If we have not done so already, our firm can look at your year-to-date business activity, personal income, and withholdings and prepare a tax projection to determine what, if any, taxes you may owe and provide strategies to minimize your tax liability.
Below are some potential tax planning strategies which you may want to consider while there is still plenty of time left in the year. Call your CPA to determine the advantage of these and other strategies before making any decisions.
- Possibly converting your traditional IRA to a Roth
- Enrolling in or increasing the amount contributed to your retirement account
- Donating to your favorite charity or non-profit
- Making business purchases that would reduce your tax burden