By Katrina Brekke

 

As the end of the year approaches, it’s a good time to think about strategic tax planning that could help lower your tax bill for this year and potentially the next.

Reviewing your tax situation before the year closes will ensure you’re in a position to take full advantage of available tax planning strategies. By working with your tax team, we can help you make necessary adjustments to avoid any potential surprises on your tax returns.

Many non-tax factors could influence your year-end tax planning. These factors include but are not limited to, a significant raise or bonus, a change of employment, changes in your business expenses or itemized deductions, the adoption or birth of a child, a death in the family, or a change in marital status.

If you would like to discuss your tax position, please email our office at cpa@dha-cpa.com to schedule a meeting. To prepare your year-end income tax projection, we request that you provide the following information before your meeting: (a secure upload link will be provided upon scheduling)

  • A summary of your income (e.g., paystub, business income, and expenses)
  • A summary of any investment income, or a copy of a year-to-date investment report
  • A summary of all estimated tax payments made
  • Any changes compared to 2023 regarding your 2024 itemized deductions (e.g., mortgage interest, charitable donations, etc.)

Please also include any additional pertinent information that could impact your tax liability or items for which you need additional clarification.

For more information, please visit the Resources page on our website.