Five Things You Can Do To Prepare for Next Tax Season
Now that your tax return is filed, it’s natural to want to take a break from numbers for a while.
Yet filing your return is just the beginning of getting your fiscal house in order for the year. For example, you’ll want to make sure any adjustments made during tax time are recorded in your accounting and business management software, so your records are accurate for future decision-making.
That’s just one of several important steps to take now that tax season is over. Here are five more:
- It’s never too early to start thinking about this year’s retirement plan contributions and how to maximize eligible deductions. Forming a new plan can’t be done for the prior year during tax season, so get a jump on planning ahead.
- Look over last year’s tax results. Are you happy with the outcome? If not, now might be the time to discuss forming a new entity to save taxes. This step is important for other reasons, as well—such as providing for the succession of your company to the next generation.
- Do you have business activities in other states or are you planning to expand beyond Pennsylvania’s borders? We can help you structure your books to minimize potential tax issues and reduce the complexity of next year’s return. This is a critical step toward the future growth of your business.
- Rumblings from the Fed indicate long-term interest rates may trend upward later this year. This is the perfect time to lock in floating rate loans and reevaluate the terms of any financing agreements you may have.
- Deprecation rules continue to be a mystery for 2015. Section 179 has fallen back to $25,000—for now, but Congress is expected to raise it much higher later this year. If you’ve got new or used equipment or off-the-shelf software that might qualify for a deduction, now is the time to start planning.
- If you’re looking to maximize your social security benefits, talk with us about voluntary suspension options. Also called “file and suspend,” this option allows married couples to take advantage of spousal benefits and delayed retirement credits at the same time. While it can be a great tool, it’s not always the best option, so let’s discuss which strategy is best for you.
Tax time may be over, but keeping your business healthy is what we do at Simon Lever LLP. Contact us today to start a conversation.
By Kurtis Groff, CPA