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With the holidays coming into full swing and the end of the year quickly approaching, now is the time to consider gathering year-end estimates of your financial information to see if you should do some planning in order to ease your tax burden. With many people planning for the holidays, it is important to look toward the future.





First, take a look at your income and ask yourself these questions:
 

-          Has it changed from last year?  

-          Did you sell stock this year that caused an increase in the capital gains tax you might have to pay?

-          Have you considered offsetting those gains by selling stock that no longer meets your investment criteria? 

-          Did you receive or will you receive a bonus before the end of the year?


Second, let's look for changes in your expenses by asking yourself these questions:
 

-          Did you donate more or less to charity this year? 

-          Were you thinking about making a sizeable donation this year or next year? 

-          Did your job expenses increase?

-          How about changes in investment expenses or mortgage expenses?


Finally, think about how about changes in your life that might have a financial impact:
 

-          Did you come into some money through inheritance? 

-          Did you buy or sell your home or other real estate? 

-          Did you retired during the year? 

-          Did the kids graduated from college and get a job?


All of these things have an effect on your tax burden. Contact us at Rea & Associates and we will help you with year end planning so you can enjoy the rest of the holiday season and have a prosperous new year.

-  by David McCarthy, CPA, CSEP (Medina office) & Cathy Troyer, CPA (New Philadelphia office)

 


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We take great care in the preparation of our articles and announcements. We also have a process of reviewing articles when major changes take place. The business, legal and tax climate is constantly changing especially when reviewed on an industry basis.

It may be very important to consult with us or your Investment Advisor before implementing ideas contained in articles and announcements. Many ideas have complexities and nuances that cannot be adequately detailed in the articles or announcements. We are not responsible for errors, misinterpretations or omissions related to these articles or announcements. Nor are we responsible for the applicability to your personal, business or tax situation.

Pursuant to Circular 230 promulgated by the Internal Revenue Service, if this email, or any attachment hereto, contains advice concerning any federal tax issue or submission, please be advised that it is not intended or written to be used, and that it cannot be used, for the purpose of avoiding federal tax penalties unless otherwise expressly indicated.