Planning Your 2014 Tax Situation Now
Gosh, it’s the warm weather and time of year to think about entertaining and vacations, not taxes! Not many of us are happy at tax time when we see how much money we have had to contribute or may still owe. However, at least when the filing is over and done for the year we are happy with that, and really want to put this obligation out of our minds for awhile.
In a lot of cases it is well worth just taking a bit more time to look at your tax situation and perhaps discuss with a professional like a tax accountant as to what you could do differently that may lift some of the tax strain from you. Or, how you could benefit from some of the credits and incentives that are available that you have not used in the past?
When it comes to taxes every little bit helps. Just imagine if you could utilize some creative yet legal tax planning that would put you in a position where you ended up in a lower tax bracket! Often to accomplish this it requires some type of planning and perhaps some changes especially when it comes to small business.
You have to look at both sides when you are being pro-active in your 2014 tax season. Don’t forget that once you have completed last year’s taxes you are already into the first quarter of the new year. Both sides means looking at what you should do and what you should not do. For example, should you incorporate your small proprietorship business this year to give you some more beneficial tax advantages or should you remain at a sole proprietorship level for the rest of 2014 and think about incorporating in 2015? This and many similar type questions is what your chartered accountant can help you find the right answers for.
On a personal tax level perhaps you are thinking about starting a family. Most young couples try to plan for this financially. You should also take a look at what this will do to your tax situation.
While you don’t want to plan your life around your tax situation it just makes it a smart decision to give your tax matters some real thought and to know where you stand regarding them and what your options are. It is all part of your financial planning for the future. Fortunately you have affordable experts available to you that can assist you with this.