Planning Ahead: Preparing for Year-End Tax Strategies - Keenans Accounting Service

Our Summer Tax Planning Series wraps up with a focus on early preparation for year-end tax strategies. Effective planning can significantly influence your financial outcomes and reduce stress during tax season.

Benefits of Early Tax Planning

Starting your tax planning early allows for better financial decisions, such as deferring income or accelerating deductions to optimize your tax liabilities.

Year-End Planning Checklist

• Review Investments: Assess gains and losses and make strategic decisions based on current market conditions.
• Update Financial Records: Ensure all transactions are accurately recorded before year-end.
• Consider Deferred Income: If possible, deferring income to the next year can lower your current year’s tax burden.

Managing Capital Gains and Losses

Strategically realizing capital gains or losses can impact your tax bill. Consider selling underperforming assets to offset gains with losses.

Professional Guidance

Navigating year-end tax planning can be complex. Consulting with a professional can ensure that you’re making the most of the tax-saving opportunities available

Proactive year-end tax planning is an essential component of financial management. By preparing early, you can enter the new year with confidence in your financial health.

Don’t wait to start your year-end tax planning. Reach out to Keenans Accounting Service at (705) 526-7628 or visit our website for expert assistance and guidance.