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Hello Wealth Builders!

We are heading into the final stretch of the year. As we approach 4th quarter, it's important to take the necessary steps to minimize or eliminate your tax bill BEFORE the end of the year.

Here are 7 things you can do to ensure you finish the year strong:

1. Review your financial reports. Your taxable income is partly determined by your net income (revenue minus expenses).
2. Increase expenses (if needed). If your business needs new equipment, now may be the time to consider it.
3. Maximize your retirement contributions (if possible). Keep in mind there are limits based on the type of retirement plan you have and income.
4. Review your investment portfolio. Capital losses can offset capital gains.
5. Make charitable contributions to qualified organizations.
6. Review/Make your estimated tax payments. If you are expected to owe more than $1,000 you must make estimated tax payments to avoid penalties and interest. The final payment is due January 15, 2025.
7. Meet with your tax strategist. Consulting with your tax strategist to discuss your unique situation will allow us to identify additional tax strategies to minimize or eliminate your taxes.

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A FEW IMPORTANT REMINDERS:

October 15th

• Individual and Corporation returns
• Please note: We will not process any tax returns after October 15th.

December 31st

• Last day to file your Beneficial Ownership Report if you established a business/LLC prior to January 1, 2024. Please click on the link for additional information.

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We specialize in providing high touch exclusive tax planning, tax preparation, and tax resolution services for high earners.

If you are seeking to increase your income by reducing your tax liabilities, please feel free to select the call that best describes your needs using the button below:

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Tax filing is a one time event, but successful tax planning happens year 'round.