2019 Tax Filings
As the end of the calendar year draws near, which for most of our clients is also the end of their fiscal year, it is time to consider tax planning moves to minimize your tax burden and prepare for the upcoming tax filing season.
The Tax Cut and Jobs Act of 2017 created certain tax planning strategies that you should discuss with your tax advisors. For example, if you’ve acquired or placed into service new assets in 2019 discuss whether you can take 100% first-year bonus depreciation on those assets. If your business doesn’t yet offer a retirement plan you might consider establishing one. Current rules allow for significant contributions to retirement plans that reduce current year taxable income. This can be offered in addition to other fringe benefit plans for employees that can reduce your and their tax burden. Consider whether you have any Qualified Research Expenses that would permit you to take advantage of a research and development tax credits. Finally, consider whether you may benefit from prepaying 2020 expenses before the end of 2019.
TABS can help coordinate with your tax filing. We offer a tax liaise service if you want us to coordinate with your CPA. Contact us.