It is never too early to begin planning for your 2013 income tax return. The fourth quarter is important tax planning time. You should contact your tax preparer in mid-October to schedule a meeting to discuss year to date income as well as IRS and State tax law changes that will affect your 2013 return. Year-end planning allows time to plan the sale of securities, acquisitions of business assets, determining whether you should be accelerating or delaying your tax deductions and plan for IRA contributions. This time also allows for discussions for 2014 changes that will impact you; such as Obama Care and how it affects you and your business.
Submitted by David Corbett, CPA, MBA, MST
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