Tis the Season . . . for Year-end Tax Planning

2014 will soon be in the rear view mirror, and there is no better time to talk about year-end planning and tax reduction strategies. We are big on tax planning here at White Nelson Diehl Evans (WNDE) and our belief is that these plans should be implemented well in advance of year-end. With this said, there is still time to implement some tax planning strategies.
For our business clients, tax planning should be thoughtful and logical and consider the goals of ownership and its management. Planning should consider not only short-term goals but also long-term goals and potential exit strategies, if any. This is a careful question-and-answer process designed to understand our clients’ pressure points and translate these into a value-added process which will ultimately yield net cash savings for our clients.
We believe it is imperative that there be an open line of communication regarding tax planning at least semi-annually. There are a number of items in extender packages before Congress that make planning tricky. Items such as bonus depreciation and the increased immediate depreciation deduction could have a material impact on our planning. In their current state, taxing authorities are looking to expand revenues through increased compliance scrutiny; we are very mindful of this fact in our tax planning process.
For individuals, as well, this process is necessary. Those that are experiencing anomalies in their earnings for a myriad of reasons such as: options exercises, restricted stock vesting, and/or major disposition events would be well served to undertake the tax planning process. There may be simple strategies that can help reduce taxes.
We welcome the chance to help you through this process. Please contact your WNDE tax specialist today to begin this process before it is too late.
Also, please feel free to peruse our tax planning guide.