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Tax Planning and Tax Preparation are NOT the Same Service

October 22, 2018

As year-end approaches, there is no better time than now to begin tax planning for yourself and your business to ensure that you are on track to be in the best possible position for your 2018 tax returns.

Tax planning and tax preparation are not the same service. As tax planners we provide proactive strategies to ensure that you reduce your tax liability and take advantage of all tax savings opportunities.

  • Have you considered the following?
    • How to use tax-loss harvesting to offset your investment gains
    • How to manage your tax bracket and make adjustments
    • How to maximize your charitable deductions in a tax-efficient way
    • When you should do a Roth conversion
    • What to do with your stock compensations from a tax perspective
    • What the most tax-efficient way is to withdraw money from your taxable and non-taxable retirement accounts

In light of the recent tax law overhaul there are many additional considerations to add to your year-end planning list. Most significantly for business owners, you should consider the impact of the Qualified Business Income Deduction (QBID) and make the necessary adjustments so that you can capitalize on this.

Also noteworthy for businesses is consideration of the Research & Development Tax Credit. Our clients have saved nearly $2 million on this credit since 2016.

Davis & Hodgdon Associates CPAs has been assisting Vermont individuals and business owners with tax consulting and retirement planning for more than 25 years. Call our office in Williston 802.878.1963 or Rutland 802. 775-7132 to schedule a tax planning strategy session today.

 

 

 

 

 

 

 

 

 

 

Resources: https://www.investopedia.com/advisor-network/articles/difference-between-tax-preparation-and-tax-planning/#ixzz5TRGv2Rzy