Dear Clients, Colleagues and Friends,
Now is the time! As this year is ending, it is the time to take a closer look at your current tax strategies to make sure they are still meeting your needs and take any last-minute steps that could save you money come tax time.
With all that in mind, please contact us at your earliest convenience to discuss your tax situation so we can develop a customized plan. In the meantime, here’s a look at some of the issues we’re recommending clients consider as they begin their end-of-year review.
Be sure your retirement planning is up to date. We recommend you review your retirement situation at least annually. That includes making the most of tax-advantaged retirement saving options, such as traditional IRAs, Roth IRAs and company retirement plans. We can help you determine whether you’re on target to reach your retirement goals.
Paycheck Projection Program (PPP) loan forgiveness tax implications. PPP loan forgiveness and the tax and financial reporting implications of it are steeped in uncertainty. The key challenges are the timing of income recognition and deductibility of expenses, among other tax and reporting questions. For tax purposes, PPP loan forgiveness may be excluded from gross income and the expenses associated with it are non-deductible.
Fraudulent activity remains a significant threat. Our firm takes security very seriously and we think you should as well. Fraudsters continue to refine their techniques and tax identity theft remains a significant concern. Beware if you:
Make sure you’re taking steps to keep your personal financial information safe. Let us know if you have questions or concerns about how to go about this.
The bottom line is that year-end planning equals fewer surprises. There are many other opportunities to talk about as year-end approaches. And, many times, there may be strategies such as deferral of income, prepayment of expenses, etc., that can help you save taxes. We are here to help.
Whether it’s working toward retirement or getting answers to your tax and financial questions, we’re here for you. In order to take full advantage of the benefits tax planning can have your return, contact our office at by clicking here to schedule your appointment today.
Josh Shilts, CPA/ABV/CFF/CGMA, CFE
Some of the articles and content we want to make you aware of are
Our entire team would like to wish you and your family a very Happy Thanksgiving! We have so much to be thankful for this year and hope you do as well. May you enjoy good food, family, friends, and fun this holiday. So that our staff may do the same, our offices will be closed on the following days:
Our President, Josh Shilts, is passionate about sharing his expertise. The following are upcoming events Mr. Shilts will be speaking at and we would like to encourage you to join us.
Tax Due Dates
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.