Why Schedule a Year-End Tax Planning Meeting

Tax Planning Meeting
Tax Planning Meeting

With the year coming to a close, now is the time to schedule a year-end tax planning meeting.

Year-end tax planning is a personalized strategy to capitalize on opportunities, mitigate risks and stay ahead of the always-changing financial landscape. By being proactive, you’re not reacting to tax obligations but planning for your financial future.

It’s well known that CPA firms are extremely busy during tax season, which is about January through April. So, scheduling a year-end tax planning meeting in the fall is a great way to get one-on-one advice from your accounting professional.

In that meeting, expect to discuss…

  1. Personalized investment strategies,
  2. Income and expense management and
  3. Recent changes to tax laws and their impact to you.

Keep reading to learn more about these topics. And then use the contact form below or our chat box to schedule a year-end tax planning meeting with us.

Take Advantage of Tax Deductions and Credits

Your tax professional can show you how specific expenses translate into tangible tax benefits. For example, you make more informed, purposeful financial decisions by knowing the difference between the deductions that reduce your taxable income and the credits that directly decrease your tax bill.

Strategize for Investments

Investments probably play a pivotal role in your financial portfolio, and their impact on your tax liability can be substantial. Therefore, speaking with a tax professional should be a priority. Whether it’s rebalancing your portfolio or using tax-efficient investment strategies, planning means that your investments match your financial goals, and you don’t receive an unexpected tax bill.

Manage the Timing of Income and Expenses

The adage, “Timing is everything,” comes to mind here. It’s true when managing your income and expenses for tax purposes. Your accounting professional can help you determine the timing of financial transactions so that you either defer or accelerate income and expenses. By doing this, you better control your taxable income, which may reduce your tax bill.

Stay Compliant with Tax Law Changes

This is an obvious advantage to a year-end tax planning meeting. It’s important you stay updated on the tax laws and any changes affecting you. This knowledge helps you make the best decisions financially and keeps you out of legal trouble.

Schedule a Tax-Planning Meeting with Morgan & Associates

A year-end tax planning meeting is a financial exercise that goes beyond tax compliance. It’s a proactive step to solidify your financial goals for the upcoming year (and years to come). By discussing the nuances of deductions and credits, the timing of expenses and income, and the changes to tax laws, you’re managing your finances, rather than reacting to tax obligations.

Schedule a meeting today with one of our tax professionals. Use the chat box or contact form at the bottom of this page to book a meeting.

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