Higher income taxpayers are in for a real shocker this year when they get their tax bills.. Higher tax rates, new net investment income tax, additional payroll and self-employment taxes, the phase-out of exemptions, and itemized deductions all spell big tax increases. For some taxpayers the impact can be quite significant.
However, it may not be too late to improve your situation with some year-end planning, and the sooner the better. Options include taking advantage of unrealized losses, business expensing, tax credits, delaying certain deductions and tax prepayments, income deferral, and other techniques.
Do you know if or how this affects your business? Get confidence today by having us review your situation. Take a look at our Business Financial Confidence Map here.
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Copyright 2014 by Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, a PASBA member accountant, located in Londonderry, New Hampshire, with more than twenty- five years experience on Federal and New Hampshire issues affecting small business, and specializes in keeping his clients OnTrack with bookkeeping, tax, and payroll services for a fixed monthly fee. Learn more about Steve’s exclusive SIX Step system developed for small businesses at www.appletreebusiness.com/map.